GENEVA - BMW AG, PSA Peugeot-Citroen have agreed to provide funding of 100 million euros to develop electric car technology together. The goal, to reduce the high cost of research that can compete at the same time creating environmentally friendly technologies.
electric car technology 's developed in coorporation among BMW, Peugeot and Citroen
BMW-Peugeot Citroen Electrification - the name of the merged company - will be based in two cities that became the headquarters of each company that is Mulhouse, France and Munich, Germany. Both operate simultaneously start the second quarter of 2011.
Both principals have established a joint company in October 2010 and succeeded in creating a conventional engine. In fact, Chief Executive Officer (CEO) of BMW, Norbert Reithofer and CEO of PSA, Philippe Varin made a step further.
