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.February 04, 2004
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This Week:

• The Sky's the Limit With the New 2005 Chrysler PT Cruiser Convertible

• Lexus to Show the All-New GS Sedan and RX 400h Luxury Hybrid SUV at the Chicago Auto Show

• BMW 760i: The Ultimate Luxury Driving Machine - Now In A Performance Version

• Mazda RX-8 Wins Wheels Car Of The Year

• Ford Sees Luxury Trend Continuing To Grow

• The new-generation C-Class from spring 2004

• Top athlete and luxury saloon: Audi A8 6.0 quattro

• Agreement signed with Dongfeng Motor in the presence of Chinese President Jintao and French Prime Minister Raffarin

• Nissan Announces Name Change on Full-Size SUV

• Bangle Strengthens Design Teams Of The BMW Group

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Agreement signed with Dongfeng Motor in the presence of Chinese President Jintao and French Prime Minister Raffarin
 

Paris - Jean-Martin FOLZ, CEO of PSA Peugeot Citroën, and MIAO Wei, Chairman of Dongfeng Motor, today signed a memorandum on the extension of their strategic cooperation agreement in the presence of HU Jintao, President of the People's Republic of China and Jean-Pierre RAFFARIN, French Prime Minister. This memorandum follows the announcement made in China on 6 January 2004 by Jean-Martin FOLZ and MIAO Wei of a new investment amounting to roughly €600 million. The agreement makes provision for an increase of the annual production capacity of their joint venture company Dongfeng Peugeot Citroën Automobiles (DPCA) to 300,000 vehicles from the second-half 2006. The plant's current output is 150,000 vehicles. The agreement also stipulates that an ambitious product plan will be pursued in the future. An entirely new Peugeot vehicle to be built on the 307 platform is scheduled for launch in the first-half 2004, and the Peugeot 206 will be launched in 2005.

DPCA is committed to pursuing its product strategy of introducing new Citroën and Peugeot vehicles every year. Following the successful launches of the Citroën Xsara Picasso (2001), Elysée (2002) and Xsara (2003), the first Peugeot vehicle-a new model based on the 307 platform-will be produced in Wuhan this year. This will bring the total number of models manufactured at the plant to six, in line with the objective announced at the agreement signing on October 25, 2002.

The Peugeot 206, Europe's best-selling car in 2001 and 2002, will also be produced locally beginning in 2005, to be followed shortly by other new model launches.

These investments will enable DPCA to continue to increase its local sales, which practically doubled between 2001 and 2003. The joint venture's 2004 unit sales target is 140,000 vehicles. In late 2004, the Wuhan plant will reach its design capacity of 150,000 vehicles a year in two shifts.

(Jan 28, 2004)