News of July 04, 2001
PSA PEUGEOT CITRO╦N and TOYOTA MOTOR CORPORATION Announce They Should Sign Agreement on Joint Development and Joint Production
Paris - PSA PEUGEOT CITRO╦N and TOYOTA MOTOR CORPORATION today announced that ongoing cooperation talks should lead to the signing of a memorandum of understanding on 12 July for the joint development of a new vehicle platform to be used in joint production in Europe of small, entry-level passenger cars for both parties.
Primarily designed for European markets, this new car concept has been conceived to meet the changing needs of local drivers. Cars produced using this common platform will have a three-fold advantage: they will have prices lower than those in the current small-car segment; feature a high-level of standard safety performances; and offer excellent environmental achievements.
PSA PEUGEOT CITRO╦N views this new cooperation between two independent companies as a further materialization of the Group's strategy aimed at reaching agreements on the joint development and production of mechanical components and platform elements, with the objective of obtaining economies of scale.
TOYOTA MOTOR CORPORATION considers this collaboration as one of its efforts to meet consumer demand for low-cost, fuel-efficient and environment-friendly vehicles. It believes that working together will provide a capable response to the expanding small passenger car market.
TMC President Fujio Cho and PSA CEO Jean-Martin Folz intend to sign a memorandum of understanding in Brussels on July 12, 2001, after which they hope to outline this new cooperation at a joint press conference, on the same day. Details on the conference site, etc., will be provided through a media advisory at a later date.
(June 29, 2001)