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Peugeot Citroen, GM to Expand Their Alliance

Date : 12/20/2012 @ 1:32PM
Source : Dow Jones News
Stock : General Motors Company (GM)
Quote : 32.81  1.06 (3.34%) @ 3:00AM
GM share price Chart

Peugeot Citroen, GM to Expand Their Alliance

Peugeot (EU:UG)
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By David Pearson

PARIS--PSA Peugeot Citroen (UG.FR) and General Motors Co (GM) said Thursday they are expanding their 10-month-old alliance and they are looking at potential product and industrial projects in Latin America.

The news that the alliance is being broadened contradicts recent press reports that the two companies were having difficulty getting their partnership on the rails.

The two companies said in a statement that they will start work on developing common vehicle platforms for three small and medium-sized cars, and other joint vehicle projects are being studied.

Peugeot Citroen and GM also said they have signed a definitive agreement to create a joint purchasing organization in Europe that was part of the initial alliance plan unveiled in February. However, this venture still must be approved by European anti-trust authorities.

The two partners said in their joint statement that they will jointly develop a next generation of high-performance, efficient small gas engines derived from PSA's global small petrol engine program. They will also explore product and industrial initiatives in Latin America or other growth markets.

Write to David Pearson at david.pearson@dowjones.com

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