General Motors Co. and PSA Peugeot Citroen announced they are forming an alliance to become more profitable and competitive on the market.
As part of the deal, GM would acquire a seven-percent stake in the French automaker. The agreement also provides the sharing of platforms, components and modules.
GM CEO and chairman Dan Akerson says "This partnership brings tremendous opportunity for our two companies. The alliance synergies, in addition to our independent plans, position GM for long-term sustainable profitability in Europe".