FRANKFURT, Nov 25 (Reuters) - German carmaker BMW on Monday denied it was considering building new Mini derivatives on a joint platform with France's PSA Peugeot- Citroen , as suggested in research by Goldman Sachs. Goldman cited supplier sources as saying the German group was seeking to utilise Peugeot's expertise in low-cost small cars for its new Mini, in a note published on Monday.
Such a move would extend a petrol engine joint venture announced in July and would also further the strategy, shared by the two automakers, of teaming up with partners for specific projects rather than forking out for equity stakes in rivals.
"The two companies have already announced an engine JV, but supplier sources tell us BMW is looking at building new Mini derivatives on a joint platform with Peugeot," Goldman said in its note.
"Suppliers have been asked to look at supplying components to Mini brand vehicles that will be built in Peugeot plants in France or Spain."
A BMW spokesman denied the company had plans of this nature.
"With Peugeot we have a joint venture exclusively concerning petrol engines," the spokesman said. "Beyond that no further co-operation is planned."
In an interview published in German magazine Automobilwoche on Monday, BMW Chief Executive Helmut Panke said the company was open to cooperations with other car manufacturers when it made sense on specific projects. But he played down talk of deeper ties.
"We are in no talks about building vehicles with other carmakers," he was quoted as saying.
A spokesman for Peugeot said the French company had no further plans for a project with BMW, but noted that the company's strategy of seeking cooperations meant it frequently discussed a range of possibilities with various carmakers.
Goldman, which has an "outperform" recommendation on BMW, said it thought BMW's core range remained highly profitable, but cautioned that the Mini appeared to be dragging down the group's returns.
The Mini, currently built in Oxford in the U.K., has boosted BMW unit sales over the last year and the company now aims to sell 140,000 of the sporty hatchbacks by the end of the year. (Additional reporting by Nick Tattersall and Madeline Chambers)