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News of  March 20, 2002
.

Ford Motor Company, PSA Peugeot Citroen And Renault-Nissan Form European Telematics Joint Venture

Development of technological solutions for the pan-European telematics market

Ford Motor Company, PSA Peugeot Citroën and Renault-Nissan announced the formation of a joint venture for the development of new telematics solutions to aid European motorists. The new company represents a first co-operation in the telematics sector between three of the world's leading car manufacturers, with all three partners holding an equal share.

The future company, as yet unnamed, will capitalize on the combined telematic capabilities and technologies of the three manufacturers to develop a shared European infrastructure capable of providing each with efficient and affordable, mobility-related, car centric services for their customers.

The joint venture will specifically target a reduction in the cost to customers of providing telematics services by achieving economies of scale, the exploration of synergies, and by sharing experience and know-how gained from existing telematics facilities.

Through this future company, Ford Motor Company, PSA Peugeot Citroën and Renault-Nissan are aiming to accelerate the introduction of class-leading telematics solutions, offering customers a range of high quality and affordable services on a pan-European basis.

The creation of this company is subject to approval by the relevant antitrust authorities.

(March 18, 2002)

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