German based auto maker BMW and the South Korean automaker Hyundai are on the verge of to build an engine for the world class audience.

Reuters revealed that the two automakers have already seriously discussed issues on building the engine and sharing the production costs. Another source said that they are working on areas beyond just the engines.

Without citing any sources, the report claim that the CEO of Hyundai Motors and the Managing Director of BMW met in Munich few days ago on the possibility of producing a futuristic vehicle engine, which is estimated to be built at an expense of $3 billion.

However, Hyundai denied such talk has happened between the two companies.

"It is completely baseless reports. There's no such talks has taken place between the Hyundai Motors and the BMW," said spokesperson for the Hyundai Motors.

"If things take their own course and shape, we are happy to inform the media of its latest development. Once things fall into place and things are decided, the Hyundai Motors feel immensely happy to make this announcement," Hyundai added.

In a recent development, the BMW has announced to build a new generation of engine very soon to make available for its three, four, and six cylinder engines. Since then, there had been speculation over the possibility of depending on the Hyundai Motors to fixate the engine problems.

"The possible joint co-operation between the auto giants would produce the undoubted futuristic engine in the days to come. The BMW can achieve economies of scale whereas the Hyundai Motors is will gain access to BMW's advanced gasoline engines. With the combination of these two, the auto world can hope to see an engine which can modified and made suitable to all types of engines in the market," said Park Sang-won, an analyst with the Eugene Investment and Securities.

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?