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News of  February 21, 2001

Fiat and PSA Peugeot CitroŽn To Pursue Their Technological and Industrial Cooperation

Turin - Roberto Testore, Chief Executive Officer of Fiat Auto, and Jean-Martin Folz, Chairman of PSA Peugeot CitroŽn, signed a letter on January 29, 2001 confirming the two companies' intention to pursue their technological and industrial cooperation in light commercial and multi-purpose vehicles.

Fiat and PSA Peugeot CitroŽn, which have successfully developed a range of projects involving light commercial and multi-purpose vehicles over the past 20 years, have now decided to launch a new phase in their cooperation with a first stage covering the preliminary studies for a new commercial vehicle.

Since initiating their cooperation, the partners have jointly produced some 3.3 million light commercial vehicles and 400,000 multi-purpose vehicles. Of the total amount, 3 million units were produced at the plant in Val di Sangro, Italy, which came on stream in 1981, and 700,000 in Valenciennes, France, where production began in 1994.

The cooperation agreement has enabled Fiat and PSA Peugeot CitroŽn to share engineering and investment costs and to generate substantial economies of scale. Working groups are being created to define the terms of the new phase of the cooperation agreement by the end of 2001.

(Feb. 15, 2001)

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