Bank Of Baku

GM and Peugeot announce alliance

GM and Peugeot announce alliance
# 01 March 2012 09:14 (UTC +04:00)
Baku - APA-Economics. General Motors and PSA Peugeot Citroen have announced a global alliance that will see them develop cars together.

Under the deal, GM will take a 7% stake in Peugeot, making GM the second biggest shareholder in the French firm after the Peugeot family.

The two firms will share engineering development and hope to launch the first common design by 2016.

They hope to save money by combining purchasing and by 2017 they expect to save some $2bn (£1.3bn) a year.
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