— Mitsubishi Motors Corporation CEO, Takashi Nishioka and PSA Peugeot Citroen CEO, Jean-Martin Folz signed today a Memorandum of Understanding for a partnership on all-new SUV's. A final agreement will be completed by Spring 2005.
This Memorandum plans the annual production in Japan of 30,000 units for PSA Peugeot Citroen's needs, based on a Mitsubishi platform currently under development.
To be launched in 2007, these new SUV's will have specific designs for Peugeot and Citroen. They will be equipped with the latest generation PSA Peugeot Citroen's HDi Diesel engines with particulate filter.
For the PSA Peugeot Citroen group, these SUV's will expand the ranges of the two brands Peugeot and Citroen. The models aim to attract new customers predominantly in European markets.
For Mitsubishi Motors, the additional volume will enable the company to raise capacity utilisation rates and to improve productivity.
To begin with, this project will target European markets but the two groups are also considering the possibility of supplying other markets and expanding their partnership.
With this cooperation, Mitsubishi Motors Corporation and PSA Peugeot Citroen pursue a "win-win" strategy between collaborative partners.
