French automaker PSA Peugeot Citroen said the company is still looking at other potential areas for cooperation with its American alliance partner General Motors.
This new announcement comes just a week after they decided to axe a project to make a small vehicle platform and both companies announced they are now scaling back their alliance cooperation areas.
“We didn’t find the right win-win equation for our B segment platform project, and logically we have chosen to review it,” Peugeot Chief Executive Philippe Varin said. “In a partnership like the one we have with GM, some projects are confirmed while others aren’t.”
“We have started discussions with GM to look at other areas for cooperation,” he said at the inauguration of a new production line for low-emission turbocharged gasoline engines.
Mr. Varin confirmed that PSA Peugeot Citroen expects to cut down its consumption of cash by at least 50% this year compared to last year’s cash burn. He said Peugeot is studying other potential industrial and commercial partnerships with other manufacturers but didn’t mention PSA’s Chinese partner Dongfeng specifically.
Via The Wall Street Journal