FILE PHOTO: Nicolas Peter, CFO of German luxury carmaker BMW, addresses the company's annual news conference in Munich, Germany, March 20, 2019. REUTERS/Michael Dalder

SHANGHAI (Reuters) - BMW Chief Financial Officer Nicolas Peter said the Bavarian carmaker has no plans to develop a compact vehicle together with a rival German carmaker.

“We have no plans to develop a smaller car together with a German competitor,” Peter said at the Shanghai Autoshow on Tuesday, pouring cold water on rumors that BMW was about to deepen its alliance with Daimler.