BMW and Daimler have agreed to develop some parts together, but do not expect cross shareholdings, a German media report said on Monday.

The two groups plan to jointly design, buy and produce air conditioning systems, seatbelts, brakes and electronic components for future models, the Sueddeutsche Zeitung newspaper said, according to Agence France-Presse (AFP). Work on the project started months ago but was given new urgency by the auto sector crisis, the report said.

BMW and Daimler do not plan to take cross shareholdings however, and talks about creating a common vehicle platform have been abandoned, the paper added.