December 20, 2012 - 17:37 AMT
PanARMENIAN.Net - PSA Peugeot Citroen and GM have unveiled the first vehicles they will develop together as part of a joint venture they hope will reduce costs and re-energize their businesses.
According to The Associated Press, the French and American automakers said Thursday, Dec 20, that they plan to share development for three kinds of cars: a small family van, a small multi-purpose van and a low-emissions vehicle.
The two companies inked an alliance earlier this year that included GM taking a 7 percent stake in Peugeot. The cost-saving alliance is part of efforts to turn around their businesses in Europe.
Peugeot and Citroen are also looking at jointly building a high-performance, energy-efficient engine and expansion into Latin American markets. But they put on hold plans for a mid-size vehicle.