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News of November 06, 2002

PSA Peugeot Citroën to Build a New Assembly Plant in Europe

Paris - PSA Peugeot Citroën will build a new assembly plant in Europe to provide additional production capacity beyond 2006.

The plant which will have a minimum production capacity of 300,000 vehicles a year, is expected to call for a total investment of around €700 million. It will be built in addition to the existing production facilities in Europe which already comprise nine assembly plants, along with those operated under cooperation agreements.

The Group has clearly embarked on a sustainable growth strategy that should enable it to reach the four million vehicles mark in 2006, compared with 2.1 million in 1997 and 3.25 million in 2002. The Group currently invests €3 billion a year in developing and upgrading its plants and launching new products.

In this environment, PSA Peugeot Citroën strives for the best balance between increasing capacity utilization and the related technological, financial and labour-related requirements. As a matter of fact, PSA Peugeot Citroën's capacity utilization rate has increased steadily, from 69% in 1997 to 114% in 2001, as measured by the Harbour index. It is expected to further increase to meet the Group's needs in four years.

PSA Peugeot Citroën has begun prospecting for the best-suited site in Central European countries, which offer decisive advantages. In addition, the Group has experienced strong growth in sales in this region, with market share increasing from 5 to 12% within five years.

The location of the new plant will be selected early next year.

(Oct. 28,  2002)

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