The statement from the CFO of the Bavarian carmaker puts to rest rumours of deepening its alliance with rival carmaker Daimler.

On Tuesday, Nicolas Peter, BMW’s Chief Financial Officer (CFO) stated, it does not foresee a joint development with of a compact vehicle with a rival German carmaker.

“We have no plans to develop a smaller car together with a German competitor,” said Peter at the Shanghai Autoshow.

Peter’s statement pours cold water on rumors that BMW was about to deepen its alliance with Daimler.