The four new vehicle projects are as follows:
1. A compact MPV for Opel and crossover derivative for Peugeot.
2. A small MPV for Opel and Citroen.
3. An upgrade of an existing small car platform for the next-generation of small cars from Opel, Peugeot and Citroen.
4. A mid-size car for Opel, Peugeot and Citroen.
The new vehicles announced today will be developed using new and existing technologies borrowed from all members of the alliance, though no specifics have been given. If all goes to plan, the first of these new jointly-developed vehicles will be launched towards the end of 2016.
In addition to these new vehicle projects, GM and PSA Peugeot Citroen bosses also said they were looking to take advantage of the combined purchasing reach of both companies in order to reduce costs. Based on the joint purchasing moves, as well as the four combined vehicle projects, the companies hope to realize a synergy target of $2 billion annually within the next five years.
Both firms have said they are looking at the potential of further integration, though there was no mention of recent speculation that GM could merge its Opel division with Peugeot in an effort to remove Opel’s loss-making operations from its consolidated financial statements.