BMW sells stake in Tritec Motors Limitada to Chrysler

German automaker BMW had announced that they have now sold their 50% stake in the Brazilian engine joint venture Tritec Motors Limitada to Chrysler.

The two companies did not reveal the financial aspects of the deal but said that the transaction would require approval from the regulatory bodies.

BMW added in its statement: “Chrysler Group has assumed the responsibility for exploring long-term options for the Tritec operations whereby all possible alternatives for continuing the business for the long run are under analysis. This may include a sale of the facility to a third party.”

Tritec manufactures 1.4- and 1.6-liter four-cylinder petrol engines for BMW’s Mini brand and some Chrysler models.

BMW would now be replacing the engines manufactured at this unit with engines which they are building in partnership with French car maker PSA.