PSA Peugeot Citroën and General Motors Confirm Key Steps in Global Strategic
*Four common vehicle platform development projects
*Next steps in joint purchasing organization
*Synergy target of $2 billion annually confirmed
DETROIT & PARIS & RUSSELSHEIM, Germany -- October 24, 2012
PSA Peugeot Citroen (Paris: UG) and General Motors today confirmed important
steps toward the execution of their Global Strategic Alliance. Consistent with
terms of the Master Agreement signed Feb. 29, the Alliance partners have
selected four vehicle projects and confirmed the next steps in joint
Four Common Vehicle Platform Development Projects
The four common vehicle projects selected to move to the next step encompass
the following segment entries for both groups:
*A joint program for a compact-class Multi-Purpose Van for Opel/Vauxhall
and a compact-class Crossover Utility Vehicle for the Peugeot brand.
*A joint Multi-Purpose Vehicle program for the small car segment for
Opel/Vauxhall and the Citroen brand.
*An upgraded low CO small car segment platform to feed Opel/Vauxhall’s,
Peugeot and Citroën’s next generation of cars in Europe and other regions.
*A joint program for mid-size cars for Opel/Vauxhall and the Peugeot and
The Alliance aims to launch the first vehicles on these common programs by the
end of 2016.
All four projects will be developed combining the best platform architectures
and technologies from the Alliance partners.
Next Steps in Joint Purchasing Organization
The Alliance partners also confirmed the next steps in their joint purchasing
organization. This collaborative effort will draw on the combined purchasing
reach of both companies to realize purchasing synergies benefitting both
companies. The joint purchasing organization will be subject to customary
Based on the above programs and the joint purchasing organization, both
companies confirm the previously stated synergy target of $2 billion annually
achievable within five years.
With the common vehicle development projects and next steps in purchasing
organization now confirmed, the teams will work to finalize the associated
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30
countries, and the company has leadership positions in the world's largest and
fastest-growing automotive markets. GM’s brands include Chevrolet and
Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel,
Vauxhall and Wuling. More information on the company and its subsidiaries,
including OnStar, a global leader in vehicle safety, security and information
services, can be found at http://www.gm.com.
PSA Peugeot Citroën. With its two world-renowned brands, Peugeot and Citroën,
the Group sold 3.5 million vehicles worldwide in 2011, out of which 42%
outside Europe. As Europe’s second largest carmaker, it recorded sales and
revenue of more than €59.9 billion in 2011. PSA Peugeot Citroën has sales
offices in 160 countries. In 2011, the Group dedicated more than €2 billion to
research and development, especially in new energies. Its activities also are
involved in financing activities (Banque PSA Finance), logistics (Gefco) and
automotive equipment (Faurecia).
GM Forward-Looking Statements In this press release and in related comments by
GM management, our use of the words “expect,” “anticipate,” “possible,”
“potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,”
“would,” “could,” “should,” “project,” “projected,” “positioned” or similar
expressions is intended to identify forward-looking statements that represent
our current judgment about possible future events. We believe these judgments
are reasonable, but these statements are not guarantees of any events or
financial results, and our actual results may differ materially due to a
variety of important factors. Among other items, such factors might include:
our ability to realize production efficiencies and to achieve reductions in
costs as a result of our restructuring initiatives and labor modifications;
our ability to maintain quality control over our vehicles and avoid material
vehicle recalls; our ability to maintain adequate financing sources, including
as required to fund our planned significant investment in new technology; the
ability of our suppliers to timely deliver parts, components and systems; our
ability to realize successful vehicle applications of new technology; and our
ability to continue to attract new customers, particularly for our new
products. GM's most recent annual report on Form 10-K provides information
about these and other factors, which we may revise or supplement in future
reports to the SEC.
Stefan Weinmann, + 49 (0) 6142 7 77339
GM Europe / Opel Communications
David W Roman, +1 313 665 5316
Jonathan Goodman, +33 (0) 1 40 66 47 59
PSA Peugeot Citroën
PSA Peugeot Citroën
+33 (0) 1 40 66 49 94
Jean-Baptiste Mounier, +33 (0) 1 40 66 54 22
PSA Peugeot Citroën
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