"This joint venture is designed to be a classic win-win situation. We are acquiring pioneering future technologies and raw materials that we need for our Megacity Vehicle on competitive terms," Norbert Reithofer, BMW chairman of the board said.
"The SGL Group is moving into the automobile business with us as a strong partner. With our concepts within project i, we are breaking new ground when it comes to vehicle architecture, lightweight design and the use of materials."
The new company will operate from two locations, one in the US and one in Europe. SGL will hold 51 percent of the group and BMW the remainder. The JV will create some 180 jobs in the US and Germany.
The products will largely be used by BMW for the creation of the much anticipated Megacity vehicle, "which will be launched under a BMW sub-brand in the first half of the next decade," as BMW says. Additional, CFRP will become available on a large scale on the company's cars.
"This joint venture with the BMW Group is a milestone for the use of carbon fibers on an industrial scale in the automobile industry. For the first time, carbon fibers are taking on an important role in series vehicle manufacture," Robert Koehler, SGL CEO added.
"This confirms our strategy and shows that carbon fiber technology is becoming increasingly important in the materials substitution process to lighter material. This material will help to reduce CO2 emissions and save our natural resources.“