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Cooperative Project for Electric Powertrains Between PSA and Mitsubishi

AUTO CENTRAL - June 17, 2008: PSA Peugeot Citroën and Mitsubishi announced today that both companies agreed to start a feasibility study on an extended technical collaboration in the field of electric powertrains.

This project, which will run over several months, relates to the development, the manufacture and the use of an electric powertrain for small urban vehicles.

To step up the viability of electric vehicle projects and accelerate market introduction, the companies agreed that cooperation on electric vehicle development and production would be mutually beneficial.

This new agreement reinforces the bonds between the two manufacturers who, a week ago, laid the first stone of their joint Russian factory, in Kaluga (180 km south west of Moscow).

For PSA, this agreement lies within the scope of its Strategy and Ambition plan covering 2010-2015, which should maintain the PSA Group’s leadership in environmentally friendly cars.

With an extensive knowledge of electric vehicles, PSA Peugeot Citroën is the largest global manufacturer of electric vehicles to date with more than 10 000 units sold. PSA Peugeot Citroën will bring to this project its expertise in the field of electric powertrains.

For MMC this agreement is consistent with its electric vehicle strategy.

MMC, aiming to become one of the leading car manufacturers of electric vehicles, has prioritised development of the i MiEV new-generation electric vehicle for introduction to the market. MMC will launch the electric vehicle in the Japanese domestic market in 2009 and is considering a possible future introduction to Europe and the U.S.

In addition, MMC has set up Lithium Energy Japan, a Joint Venture founded in partnership with GS Yuasa and Mitsubishi Corporation, which is to supply large capacity and high performance lithium ion batteries for the i MiEV. Preparation for mass-production of the batteries is going smoothly.