PSA Peugeot Citroen warned Wednesday that its headline alliance with U.S. carmaker General Motors may produce smaller savings than originally forecast, even as it posted lower third quarter revenue.
Peugeot Citroen said it was putting a planned joint development of vehicle platforms with GM under review, and that as a result, the $1 billion in savings that Peugeot Citroen had counted on from the alliance “may be readjusted downwards.”
Europe’s number two carmaker and the U.S. auto giant sealed their alliance last year, with GM taking a 7 percent stake in France’s Peugeot Citroen, making it the second-largest shareholder behind the Peugeot family.
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