PSA, Dongfeng to co-develop electric cars
PSA Group and Dongfeng Motor Group signed an agreement to create a common platform to build electric cars for the Peugeot, Citroen, DS and Dongfeng brands in 2019.
Building on their 2-year-old partnership, the two companies plan to design an electric version of the common modular platform they began developing in 2015.
The platform "will speed up the worldwide development of both of our groups, while helping us to reach the strict carbon objective set for 2020," PSA Chief Executive Carlos Tavares said in a statement.
Dongfeng Peugeot Citroen Automobile -- a joint venture between PSA and Dongfeng -- expects to generate revenue of more than 100 billion yuan ($15.4 billion) by 2020, as well as "profitable, sustainable growth," according to the French automaker.
The partnership produces vehicles for Citroen and Peugeot in the central China city of Wuhan. PSA's other Chinese joint venture, Changan PSA Automobile, produces the DS lineup.
Two years ago, Dongfeng paid 800 million euros for a 14 percent stake in PSA as part of a financial bailout.
The platform "will speed up the worldwide development of both of our groups, while helping us to reach the strict carbon objective set for 2020," PSA Chief Executive Carlos Tavares said in a statement.
Dongfeng Peugeot Citroen Automobile -- a joint venture between PSA and Dongfeng -- expects to generate revenue of more than 100 billion yuan ($15.4 billion) by 2020, as well as "profitable, sustainable growth," according to the French automaker.
The partnership produces vehicles for Citroen and Peugeot in the central China city of Wuhan. PSA's other Chinese joint venture, Changan PSA Automobile, produces the DS lineup.
Two years ago, Dongfeng paid 800 million euros for a 14 percent stake in PSA as part of a financial bailout.
