Europe's second largest auto maker, PSA Peugeot Citroen, signed an agreement yesterday with Mitsubishi Motors Corporation (MMC) of Japan, for cooperation in the field of electric vehicles (EVs) for the European market.
Under the deal signed yesterday in Paris by Osamu Masuko, CEO of MMC, and Philippe Varin, CEO of PSA Peugeot Citroen, both the companies agreed to develop an EV for the European market based on MMC's Japanese production model i-MiEV (Mitsubishi innovative electric vehicle).
The companies plan to start production of the EVs in October next year and launch in the European market by the end of 2010. It is planned to sell around 25,000 vehicles annually in Europe, with both Peugeot and Citroen versions, half of MMC's targeted global sales.
Paris-based Peugeot Citroen is Europe's second largest automaker, manufacturing and selling automobiles and motorcycles under the Peugeot and Citroen marques. The company held a global market share of 5 per cent in 2008 with large presence in Europe, South America, China and Iran.
For Peugeot Citroen, the new EV will further add to its portfolio of low-emission econ-friendly vehicles along with its hybrid diesel technology to be launched in 2011-2012.
Tokyo-based MMC is one of the several autonomous businesses under the Mitsubishi Group which share Mitsubishi brand, trademark and legacy.