Detroit/Paris. PSA Peugeot Citroen (PSA) and General Motors (GM) today confirm the signature of major agreements in the execution of their Global Strategic Alliance. Consistent with the terms of the Master Agreement dated February 29, 2012, the Alliance partners have signed definitive agreements related to three of the initial vehicle projects as well as to the purchasing joint venture.

Three Common Vehicle Platform Development Projects

The first common vehicle projects selected encompass platform / architecture developments in the following segments:

1. A joint program for a C-MPV1 for Opel/Vauxhall and a C-CUV2 for the Peugeot brand
2. A joint MPV3 program for the B-segment for both Groups
3. The co-development of an upgraded low CO2 B-segment platform to feed Opel/Vauxhall and PSA's next generation of cars in Europe and other regions

Additional joint vehicle projects to further strengthen the Alliance are under review and in due course will be subject to future announcements.

The first vehicles resulting from this cooperation are expected to be launched in 2016. The Opel/Vauxhall, Peugeot and Citroen models will be highly differentiated and fully consistent with their respective brand characteristics.

Creation of Purchasing joint venture

The Alliance partners have signed a definitive agreement to create a joint purchasing organization in Europe supported by a purchasing joint venture. This new organization will draw on the combined purchasing reach of both companies to realize purchasing synergies. This is still subject to anti-trust approvals.

Further global initiatives

Based on the success of their collaboration, the partners also announce their intention for new additional global initiatives to broaden the scope of their Alliance and seize future opportunities:

Co-development of a next generation of high-performance, efficient small gas engines derived from PSA's global small petrol engine program (EB engine),
Exploration of product and industrial initiatives in Latin America or other growth markets.

1 Multi-purpose vehicle for the C segment
2 Crossover utility vehicle for the C segment
3 Multi-purpose vehicle

About General Motors

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.

About PSA Peugeot Citroën

With its two world-renowned brands, Peugeot and Citroën, PSA Peugeot Citroën sold 3.5 million vehicles worldwide in 2011, of which 42% outside Europe. The second largest carmaker in Europe, it generated revenue of €59.9 billion during the year. PSA Peugeot Citroën has sales operations in 160 countries. In 2011, it allocated more than €2 billion to research and development, in particular in the field of new automotive propulsion technologies. PSA Peugeot Citroën is also involved in financing activities (Banque PSA Finance), logistics (GEFCO) and automotive equipment (Faurecia).For more information, please visit www.psa-peugeot-citroen.com

source: http://www.autoblog.com/2012/12/22/gm-psa-scrap-large-car-program-move-forward-with-small-engine/

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