French automaker Peugeot has confirmed its conclusion of hybrid vehicle technology development venture with German luxury car maker BMW known as BMW Peugeot Citroen Electrification.
Peugeot research and development head Guillaume Faury said this cooperation will not go on, there will be no jointly developed products.
"We'll continue what we started separately and there'll be no joint production site," Faury added.
Both the firms have invested about EUR100m in the venture, while the conditions were changed following Peugeot's alliance with GM, according to BMW.
Further, the research under the project was performed at a BMW site at Munich, Germany.
In July 2012, the German carmaker had it intended to continue the venture on its own as it was negotiating with Peugeot regarding splitting of the partnership after the French carmaker joined hands with US carmaker General Motors (GM) in February 2012.
BMW and Peugeot had already worked together since a decade in developing petrol powertrains during the announcement of extending the hybrid venture in February 2011.
In addition, BMW has also signed a memorandum of understanding with Toyota Motor in a bid to collaborate on development of fuel cells, lightweight materials and electric engines.
