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• Nissan Announces Record Results For FY 2000
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• Saab Wins 2001 World Traffic Safety Achievement Award For Its Innovative Active Head Restraint System 
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• BMW Group and Phoenix Consortium reach final agreement on the transfer balance sheet 
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• PSA Peugeot Citroen Joins Covisint 
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• Ford Donates $10 Million to Northwestern University for New Engineering Design Center
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News of  May 23, 2001

PSA Peugeot Citroen Joins Covisint 

Automaker Looks to Industry Exchange to Streamline Business-to-Business Operations

DETROIT - Covisint's Board of Directors announced that the sixth-largest car manufacturer in the world, French automaker PSA Peugeot Citroen, has committed to take an equity stake in the automotive e-business exchange and will begin conducting business-to-business operations worldwide on Covisint.  The company, which last year sold 2,816,000 units worldwide, accounts for more than 5% of the global automotive market. 

"PSA Peugeot Citroen's decision to join Covisint clearly indicates its leadership among global automakers as a company intent on harnessing the power of the Internet for the ultimate benefit of its customers," said Kevin W. English, chairman, president and CEO of Covisint, L.L.C.  "We welcome them to the Covisint family."

PSA Peugeot Citroen will make use of Covisint's supply chain management, collaborative e-commerce and procurement capabilities through a portal that allows the company to reflect its own valuable brand presence to its suppliers.

"The comprehensiveness and strength of the Covisint product offerings made this a logical decision for our company," said Herve Guyot, vice president, Purchasing, PSA Peugeot Citroen.  "Covisint fits well with other business-to-business initiatives being developed within our own organization. The addition of Covisint's products to the other technology initiatives we are implementing should present us with significant opportunities to gain real value for our company, our suppliers and our customers." 

Financial details of the agreement are not being released. PSA Peugeot Citroen will join the Covisint European Advisory Council when it is established later this year.

(May 22, 2001)

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