GM, BMW to cooperate on fuel cells: magazine

Reuters News
|
Posted: Dec 10, 2011 9:43 AM
GM, BMW to cooperate on fuel cells: magazine

FRANKFURT (Reuters) - BMW and General Motors plan to join forces on the development of fuel cell technology, German weekly business magazine Wirtschaftswoche reported, citing industry sources.

Talks between the two companies are highly advanced, the magazine said on Saturday, adding that the carmakers were close to signing a cooperation agreement.

The plan would give BMW future access to GM's fuel cell technology and in exchange, BMW would contribute to the research costs, the magazine said in an article released in advance of publication on Monday.

The magazine said GM declined to comment.

"We are speaking to GM about various future technologies but we are not saying anything more beyond that," a BMW spokesman said on Saturday.

(Reporting by Hans Seidenstuecker and Jonathan Gould; Editing by Ruth Pitchford)