April 27, 2010

Mitsubishi Motors and PSA Peugeot Citroen Begin a New Collaboration on a Compact SUV

Press Release

Tokyo/Paris — Mitsubishi Motors Corporation (MMC) and PSA Peugeot Citroën have announced today that the parties have come to an agreement to start a new collaborative project regarding a compact SUV. This agreement provides for the development and adaptation for both the Peugeot and Citroën marques of a compact SUV, based on an existing Mitsubishi platform.

Launched early 2012 in Europe, these new compact SUVs will have specific designs for Peugeot and Citroën while sharing many components with the Mitsubishi vehicle, named RVR in Japan and ASX in Europe.

These vehicles will be available in both four- and two-wheel drive. The projected volume for Peugeot and Citroën will reach 50,000 units per year for both brands.

Under the agreement, PSA Peugeot Citroën will use its 1.6 HDi diesel engine for its own models. CO2 emissions with this engine will be particularly low for this type of vehicle, targeting, for the two-wheel drive version, 123 g CO2/km or less than 4.7 liter per 100 km.

For PSA Peugeot Citroën, the new vehicles will expand the ranges of both Peugeot and Citroën and attract new customers in a market segment that is expected to grow worldwide by almost 60% by 2015.

For Mitsubishi Motors, the additional volume will enable it to bolster production of this platform, allowing it to enjoy benefits of economies of scale.

This is the 4th cooperative project between the two partners, after the SUV Mitsubishi Outlander, Peugeot 4007 and Citroën C-Crosser agreement in 2005, the construction of a joint plant in Russia that has just been inaugurated, and the European launch in late 2010 of the Peugeot iOn and Citroën C-zero electric vehicles, based on MMC's Japanese i-MiEV* model.

*Mitsubishi innovative Electric Vehicle, based on the "i" minicar

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