News 23-06-99 Page 2

News of June 23, 1999

(the will lead you to the full article) Page 2 of 5

Pierre-Alain De Smedt to take over from Carlos Ghosn
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June 18, 1999 - Louis Schweitzer, Renault Chairman and C.E.O., has decided to appoint Pierre-Alain De Smedt, currently Chairman of SEAT, to take over from Carlos Ghosn.
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Pierre-Alain De Smedt is to be appointed Executive Vice President of Renault. He will become a member of the Renault Group Executive Committee and will be assigned all the responsibilities previously held by Mr. Ghosn (Advanced Projects, Research and Customer Expectations, Vehicle Development, Powertrains, Purchasing, Manufacturing, Vehicle Programmes, Industrial Companies, Mercosur).

Carlos Ghosn is to be appointed Chief Operating Officer of Nissan Motor Co. Ltd on June 25, 1999.

Pierre-Alain De Smedt

Pierre-Alain De Smedt

Vittorio Di Capua resigns from the Executive Committee of Automobili Lamborghini
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Ingolstadt, June 16, 1999 - Vittorio Di Capua (67), who has been in charge at Lamborghini since November 1996, is leaving the Executive Committees of Automobili Lamborghini Holding S.p.A. and Automobili Lamborghini S.p.A. with immediate effect, at his own request. Rodolfo Rocchio will be Acting Chairman until Di Capua's successor takes office. Rocchio has been a member of Lamborghini's Executive Committee since November 1998.

Dr. Franz-Josef Paefgen, Chairman of AUDI AG and Chairman of the Board of Directors of Automobili Lamborghini Holding S.p.A., thanked Di Capua for a successful period of office. Dr. Paefgen paid tribute to the great skill with which he had guided Lamborghini through a difficult period of its history. In recognition of his services, Di Capua will maintain his association with Automobili Lamborghini in the capacity of Honorary Chairman of the holding company's Board of Directors.

Last year, Lamborghini delivered 213 exclusive sports cars to customers worldwide; the company employs around 300 people. AUDI AG took over Automobili Lamborghini on July 23, 1998 and incorporated the company into the Audi Group as a fully-owned subsidiary.

VOLVO TRUCK CORPORATION Starts Assembly In Egypt
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June 21, 1999 - Volvo Truck Corporation reinforces its position in the Middle East by establishing local assembly in Cairo, Egypt.

The company's new importer in the country, Raouf Ghabbour Investment Group, has started the assembly of Volvo VH12 trucks. At full production rate, the plant will produce 600 heavy Volvo trucks per year. The Egyptian market is presently growing rapidly, in pace with the country's financial development. The total market for heavy trucks in Egypt is estimated to reach about 2,000 units in 1999.

PSA PEUGEOT CITROËN sells Its Subsidiary SOGAMM to the Duarte Group
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June 16, 1999 - PSA PEUGEOT CITROËN and the Duarte Group signed an agreement concerning the sale of SOGAMM (Société d’Outillage Général Appliqué aux Moules et Modèles), a wholly owned subsidiary of the PSA PEUGEOT CITROËN Group.

SOGAMM is specialised in designing and developing prototype models. It makes mechanical and bodywork models for both PSA PEUGEOT CITROËN and customers outside the group. It had a turnover of 12.9 million euros (FF84.9 million) in 1998 and a staff of 123 employees.

Sale of SOGAMM to the Duarte Group, specialised in the same areas, will guarantee its future by developing its expertise and giving it access to new technologies. The sale will be effective as of 1st July 1999.

Through Internet - BUICK Offers Gift At AMAZON.COM Or $100 For Test Drive

DETROIT, June 21, 1999- Buick Motor Division, a leading automotive Internet marketer, is launching a nationwide Web-based incentive that offers consumers a gift certificate for redemption at Amazon.com or $100 for test driving any new Buick between now and July 31.

To receive the incentive, customers download a certificate from Buick's Web site and have it validated following a test drive at a Buick dealership. According to Roger W. Adams, Buick's general manager, getting people to try a new Buick is the best way to get them to buy. "Recent surveys prove Buick's quality to be among the best in the industry, and we need people to become better acquainted with our award-winning line-up," he said. "That's why this aggressive test-drive program is well-suited for Buick."

Adams pointed to the Consumers Digest Best Buy award and the Polk Automotive Loyalty Award as further evidence of Buick's popularity among its current owners.

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