It's been a year since BMW and PSA Peugeot Citroen announced a joint venture named the BMW Peugeot Citroen Electrification (BPCE) for the development and production of hybrid and electric powertrain components. But now, the automakers are parting ways already.

In a telephone interview, BMW spokeswoman Micaela Sandstede told Bloomberg News that the Bavarian carmaker is holding talks with PSA Peugeot Citroen about breaking up the 50-50 equity joint venture.

Sandstede added that BMW is looking to take over the operations of the BMW Peugeot Citroen Electrification partnership.

"Whether that means the joint venture’s employees move to BMW is undecided," she said. "We are still in discussions with PSA over the dismantling of the joint venture."

BPCE includes a research and development center in Munich, Germany and a manufacturing facility in Mulhouse, France.