Mitsubishi Motors Corporation CEO, Takashi Nishioka and PSA Peugeot Citroën CEO, Jean-Martin Folz signed a Memorandum of Understanding for a partnership on an all-new SUV on Friday 4th February 2005. A final agreement will be completed by the northern spring 2005.

This Memorandum plans the annual production in Japan of 30,000 units for PSA Peugeot Citroën’s needs, based on a Mitsubishi platform currently under development.

To be launched in 2007, these new SUV’s will have specific designs for Peugeot and Citroën. They will be equipped with the latest generation PSA Peugeot Citroën’s HDi Diesel engines with particulate filter.

For the PSA Peugeot Citroën group, these SUV’s will expand the ranges of their two brands (Peugeot and Citroën). The models aim to attract new customers predominantly in European markets.

For Mitsubishi Motors, the additional volume will enable the company to raise capacity utilisation rates and to improve productivity.

To begin with, this project will target European markets but the two groups are also considering the possibility of supplying other markets and expanding their partnership.

With this cooperation, Mitsubishi Motors Corporation and PSA Peugeot Citroën pursue a “win-win” strategy between collaborative partners.