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William Maley Staff Writer - CheersandGears.com June 28, 2013 Here's a story that we're filling under the 'wait and see' file. Reuters is reporting that the Peugeot family, which currently owns a 25.4-percent stake in PSA Peugeot-Citroën automaker and 38.1 percent of voting rights is willing to give up its stake and try to revive a tie-up with General Motors. "GM faces the same overcapacity situation with Opel, and that's why PSA is trying to convince them to merge the two. The Peugeot family has now accepted that they'll lose control, so this is no longer an issue," said a person familiar with the matter. How dire is PSA Peugeot-Citroën at the moment? Well the two brands were the hardest hit in European sales slump and it looks like that trend will continue. Plus, the company could burn through all its assets by the end of this year if they don't get another injection of money and a groundwork plan. GM CEO Dan Akerson told reporters last week that the company has no plans to put in more cash into PSA. "We don't have any intention of investing additional funds into PSA at this time. If we see something changes, we'll evaluate that," said Akerson. A source says that GM is playing hardball to get "...assurances that it would be able to cut plants and jobs at reasonable cost." If General Motors did get control PSA Peugeot-Citroën, what would happen? The answer is a bit murky. But expect a number of plant shutdowns and laid-off workers to help save money. There is also talk about shared platforms between the two. However, there lies a huge problem with this scenario. The French Government, which made a very controversial 7 billion euro investment into PSA Peugeot-Citroën's financial arm, would not approve of large-scale workforce reductions and plant closures in the country. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
William Maley Staff Writer - CheersandGears.com June 28, 2013 Here's a story that we're filling under the 'wait and see' file. Reuters is reporting that the Peugeot family, which currently owns a 25.4-percent stake in PSA Peugeot-Citroën automaker and 38.1 percent of voting rights is willing to give up its stake and try to revive a tie-up with General Motors. "GM faces the same overcapacity situation with Opel, and that's why PSA is trying to convince them to merge the two. The Peugeot family has now accepted that they'll lose control, so this is no longer an issue," said a person familiar with the matter. How dire is PSA Peugeot-Citroën at the moment? Well the two brands were the hardest hit in European sales slump and it looks like that trend will continue. Plus, the company could burn through all its assets by the end of this year if they don't get another injection of money and a groundwork plan. GM CEO Dan Akerson told reporters last week that the company has no plans to put in more cash into PSA. "We don't have any intention of investing additional funds into PSA at this time. If we see something changes, we'll evaluate that," said Akerson. A source says that GM is playing hardball to get "...assurances that it would be able to cut plants and jobs at reasonable cost." If General Motors did get control PSA Peugeot-Citroën, what would happen? The answer is a bit murky. But expect a number of plant shutdowns and laid-off workers to help save money. There is also talk about shared platforms between the two. However, there lies a huge problem with this scenario. The French Government, which made a very controversial 7 billion euro investment into PSA Peugeot-Citroën's financial arm, would not approve of large-scale workforce reductions and plant closures in the country. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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GM and PSA Announce Four New Co-Developed Platforms
William Maley posted an article in General Motors
William Maley Staff Writer - CheersandGears.com October 25, 2012 In a not surprising announcement yesterday, General Motors and PSA Peugeot-Citroen said they will be co-developing four new platforms that are part of the Global Strategic Alliance between the two. The platforms will primarily be for Opel/Vauxhall, Peugeot, and Citroën. Those four platforms are, A new low-emissions city car Midsize car (sedan, hatchback, and wagon) Small Multi-Purpose vehicle Joint program for compact MPV for Opel/Vauxhall and a compact CUV for Peugeot GM and PSA say the launch of the first models of this joint venture will happen in 2016. The two also announced the Global Strategic Alliance will establish a new joint purchasing operation, to help lower costs. This is currently on hold while two wait on antitrust regulatory approval. GM says the alliance could save about $2 billion in five years for the companies. Source: GM William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 PSA Peugeot Citroën and General Motors Confirm Key Steps in Global Strategic Alliance Four common vehicle platform development projects Next steps in joint purchasing organization Synergy target of $2 billion annually confirmed DETROIT/ PARIS/ RUSSELSHEIM – PSA Peugeot Citroen and General Motors today confirmed important steps toward the execution of their Global Strategic Alliance. Consistent with terms of the Master Agreement signed Feb. 29, the Alliance partners have selected four vehicle projects and confirmed the next steps in joint purchasing organization. Four Common Vehicle Platform Development Projects The four common vehicle projects selected to move to the next step encompass the following segment entries for both groups: A joint program for a compact-class Multi-Purpose Van for Opel/Vauxhall and a compact-class Crossover Utility Vehicle for the Peugeot brand. A joint Multi-Purpose Vehicle program for the small car segment for Opel/Vauxhall and the Citroen brand. An upgraded low CO2 small car segment platform to feed Opel/Vauxhall’s and PSA’s next generation of cars in Europe and other regions. A joint program for mid-size cars for Opel/Vauxhall and the Peugeot and Citroen brands. The Alliance aims to launch the first vehicles on these common programs by the end of 2016. All four projects will be developed combining the best platform architectures and technologies from the Alliance partners. Next Steps in Joint Purchasing Organization The Alliance partners also confirmed the next steps in their joint purchasing organization. This collaborative effort will draw on the combined purchasing reach of both companies to realize purchasing synergies benefitting both companies. The joint purchasing organization will be subject to customary antitrust approvals. Synergies Confirmed Based on the above programs and the joint purchasing organization, both companies confirm the previously stated synergy target of $2 billion annually achievable within five years. With the common vehicle development projects and next steps in purchasing organization now confirmed, the teams will work to finalize the associated definitive agreements in addition to exploring other cooperation opportunities. -
William Maley Staff Writer - CheersandGears.com October 25, 2012 In a not surprising announcement yesterday, General Motors and PSA Peugeot-Citroen said they will be co-developing four new platforms that are part of the Global Strategic Alliance between the two. The platforms will primarily be for Opel/Vauxhall, Peugeot, and Citroën. Those four platforms are, A new low-emissions city car Midsize car (sedan, hatchback, and wagon) Small Multi-Purpose vehicle Joint program for compact MPV for Opel/Vauxhall and a compact CUV for Peugeot GM and PSA say the launch of the first models of this joint venture will happen in 2016. The two also announced the Global Strategic Alliance will establish a new joint purchasing operation, to help lower costs. This is currently on hold while two wait on antitrust regulatory approval. GM says the alliance could save about $2 billion in five years for the companies. Source: GM William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 PSA Peugeot Citroën and General Motors Confirm Key Steps in Global Strategic Alliance Four common vehicle platform development projects Next steps in joint purchasing organization Synergy target of $2 billion annually confirmed DETROIT/ PARIS/ RUSSELSHEIM – PSA Peugeot Citroen and General Motors today confirmed important steps toward the execution of their Global Strategic Alliance. Consistent with terms of the Master Agreement signed Feb. 29, the Alliance partners have selected four vehicle projects and confirmed the next steps in joint purchasing organization. Four Common Vehicle Platform Development Projects The four common vehicle projects selected to move to the next step encompass the following segment entries for both groups: A joint program for a compact-class Multi-Purpose Van for Opel/Vauxhall and a compact-class Crossover Utility Vehicle for the Peugeot brand. A joint Multi-Purpose Vehicle program for the small car segment for Opel/Vauxhall and the Citroen brand. An upgraded low CO2 small car segment platform to feed Opel/Vauxhall’s and PSA’s next generation of cars in Europe and other regions. A joint program for mid-size cars for Opel/Vauxhall and the Peugeot and Citroen brands. The Alliance aims to launch the first vehicles on these common programs by the end of 2016. All four projects will be developed combining the best platform architectures and technologies from the Alliance partners. Next Steps in Joint Purchasing Organization The Alliance partners also confirmed the next steps in their joint purchasing organization. This collaborative effort will draw on the combined purchasing reach of both companies to realize purchasing synergies benefitting both companies. The joint purchasing organization will be subject to customary antitrust approvals. Synergies Confirmed Based on the above programs and the joint purchasing organization, both companies confirm the previously stated synergy target of $2 billion annually achievable within five years. With the common vehicle development projects and next steps in purchasing organization now confirmed, the teams will work to finalize the associated definitive agreements in addition to exploring other cooperation opportunities. View full article
