General Motors Co. and PSA Peugeot Citroen on Thursday said they have created a joint steering committee, including five executives from each company, as part of the companies' partnership.
Last month, GM and Peugeot announced the alliance, which will last at least 10 years and include sharing vehicle platforms, components and modules. It creates a global purchasing joint venture to buy goods and services from suppliers.
The alliance aims to achieve $2 billion annually in savings by 2017. The savings would be shared about equally. GM also will spend about $423 million to buy 7 percent of PSA Peugeot.
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