Jaguar Land Rover and BMW have announced a collaboration over electrification technology.
The said they are joining forces to develop "next
generation Electric Drive Units (EDUs)".
"Together, we have the opportunity to cater more
effectively for customer needs by shortening development time
and bringing vehicles and state-of-the-art technologies more
rapidly to market," Klaus Froehlich, BMW board member said.
BMW boss Harald Krueger has shrugged off that 78% profits slump with talk of a positive second half. He said:
We are experiencing the impact of high levels of expenditure in numerous areas affecting the entire automotive sector. We expect business to benefit from tailwinds, especially in the second half of the year, as numerous new models become available.
BMW profits slump 78%
Operating profits at German carmaker BMW slumped 78% in the first quarter after it was compelled to set aside €1.4bn to cover a possible fine from EU antitrust authorities.
The company could be fined as a result of the European Union’s investigation into alleged collusion on cleaner-emission cars.
The firm said profits fell to €589m (£503m) despite higher deliveries of luxury vehicles.
They were also held back by a 36% rise in spending on property, plants and equipment.
But the firm said the second half of the year should brighten with sales of the revamped 3-Series sedan getting underway, as well as the full-size X7 SUV.
The EU competition body has told BMW, Daimler and Volkswagen that, in its preliminary view, they breached EU antitrust rules from 2006 to 2014 by colluding to restrict competition on the development of technology to clean the emissions of petrol and diesel passenger cars.
Commissioner Margrethe Vestager said:"Companies can cooperate in many ways to improve the quality of their products. However, EU competition rules do not allow them to collude on exactly the opposite: not to improve their products, not to compete on quality.
We are concerned that this is what happened in this case and that Daimler, VW and BMW may have broken EU competition rules. As a result, European consumers may have been denied the opportunity to buy cars with the best available technology. The three car manufacturers now have the opportunity to respond to our findings."