FIAT AUTO AND PSA PEUGEOT CITROËN EXTEND THEIR COOPERATION IN THE LIGHT COMMERCIAL VEHICLES SECTOR UNTIL 2017.

Giancarlo Boschetti, Fiat Auto CEO, and Jean-Martin Folz, President of PSA Peugeot Citroën, have signed an outline agreement that extends the cooperation between the two groups in the light commercial vehicles sector to 2017. Fiat Auto and PSA Peugeot Citroën have been cooperating in the development and production of light commercial vehicles since 1978.

The agreement defines future product development and industrialization methods and also establishes economic and industrial objectives.

During this new phase of cooperation, the two groups plan to invest around 1.7 billion of euros in the production of two ranges of light commercial vehicles that will make their market debut after 2005. These vehicles will be constructed at the Val di Sangro plant in Italy (Sevel South) and at the Valenciennes facility in France (Sevel North).

Extending their cooperation, the two partners will continue to share study and investment expenses and also achieve major economies of scale. This agreement will also make it possible to confirm the success of the two groups as regards sales on the light commercial vehicles market.

Since this cooperation was initiated in 1978, 3.5 million light commercial vehicles have been produced at the two Italian and French facilities.

With this agreement, Fiat Auto and PSA Peugeot Citroën customers will continue to reap the benefits of the groups' unmatched experience in the joint development of light commercial vehicles.