BMW CFO says that firm is not worried about VW’s stake in SGL

Article by Christian A., on July 29, 2011

It’s a bit surprising that BMW isn’t all that worried about Volkswagen’s move to take a stake in SGL Group, the carbon fiber supplier that is BMW's joint venture partner.

In a Reuters’ interview, BMW Chief Financial Officer Friedrich Eichiner said that the company is “open” and would welcome all automakers that would help increase volume and economies of scale.

Eichiner talked to Reuters while he attended an event last Friday to launch the electric inner city vehicle i3. Last February, Volkswagen acquired an 8% stake in SGL in order to secure its stock of carbon fibers, a key technology that makes cars more fuel-efficient and lightweight.

Since then, the stake has been raised to nearly 10%. In response to this move, BMW investor Susanne Klatten (the richest woman in Germany and heiress to the fortune of German industrialist Herbert Quandt) increased her stake in SGL to nearly 30%. This is described as a blocking stake that’s sufficient to put a stop to its outside companies influencing corporate strategy.

Klatten previously held 22%. She now holds 12.6% in BMW, while the Quandt family holds a combined 46.7% of BMW. In October 2009, SGL entered a cooperation agreement with BMW on lightweight carbon parts for its i3 electric vehicle, which is also recognized as the MegaCity project.

This is just a few months after Klatten came out as a major shareholder in SGL. So far, SGL has said that it isn’t ruling out collaboration deals with other carmakers.

To decrease carbon-dioxide emissions, the car industry is using more carbon fiber reinforced plastics (CFRP), which are 30% lighter than aluminum and 50% lighter than steel.

If you liked the article, share on:

Topics: bmw, vw

Comments

Recommended

Dubai is one of the few countries where expensive cars are the norm, many of which are specially modified as well. And this just in: Bentley has debuted the new...
by - November 21, 2017
The 2018 Jaguar XEL with its stretched-out wheelbase and longer doors is the newest addition to the growing list of premium sedans in China---joining the ranks of Mercedes-Benz C-Class L,...
by - November 21, 2017
Honda this week announced that its all-new 2018 Clarity Plug-in Hybrid will arrive at US dealerships with a starting price of $33,400 beginning on the first of December. Because the...
by - November 21, 2017
Lamborghini had been expected to refresh its entry-level model – the Lamborghini Huracan – in late 2018 or early 2019. But here is some good news for fans of the...
by - November 20, 2017
The Chevrolet Corvette will be turning 65 years old in 2018, and as part of the celebrations, the brand is introducing a special edition C7 – the Chevrolet Corvette Carbon...
by - November 19, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries