BMW, Magna to Develop Fuel Cell Technology

December 02, 2001 by Jeff Shepard

BMW AG (Frankfurt, Germany) and Magna International Inc.'s (Toronto, Canada) Steyr unit in Austria announced plans to develop technology for environmentally friendly cars. The companies have signed a letter of intent to develop and deliver a tank for liquid hydrogen for BMW's new 7-Series.

"The BMW group will industrialize hydrogen technology, and reputable suppliers such as Magna Steyr will help us on the way," said BMW board member Burkhard Goeschel.