BMW, on track for record car sales and earnings this year, says its independence is to thank for its status as the world's largest and most profitable premium carmaker.
Chief executive Helmut Panke warned yesterday that mergers and alliances such as a possible General Motors-Renault-Nissan link only provide short-term benefits at best.
"In the integration process, the brand's profile gets lost," Mr Panke said.
"A lot of people ask us what the key to success is. BMW goes its own way. We are so profitable because we are independent."
BMW went through its toughest time ever following the near-disastrous acquisition of Rover in 1994.
Since selling the operation to John Towers' Phoenix group in 2000, BMW has focused on a clear strategy of offering only premium products under the BMW, Mini and Rolls-Royce brands. Instead of alliances, Mr Panke recommended achieving synergies in development and production by teaming up with partners on a project-by-project basis.
BMW outsources production of its X3 mid-size offroader to Austria's Magna Steyr, cooperates with French carmaker PSA on building small engines for its Mini brand and has joined GM and rival DaimlerChrysler to develop two-mode next-generation hybrid powertrains.
Mr Panke, who is stay on as chief executive beyond the group's normal retirement age of 60, added that any further weakening of the US dollar would not endanger the BMW group's 2006 target of earning four billion (£2.77 billion) before tax.
He also said yesterday that management had not yet discussed how, when and to what extent the firm might use its latest authorisation to buy back up to ten per cent more shares.
Responding to criticism from the market that the company was not friendly enough to shareholders, BMW decided last September to launch its first ever buyback programme. It acquired three per cent of its stock by February at an average price of 37.51 euros (£26) and retired them.