The French automaker’s trademark to Citroën said on Thursday that the group is negotiating with Mitsubishi Motors Japan and will purchase up to 50% of Mitsubishi’s shares. In order to deal with the downturn in the automotive industry, Peugeot Citroen intends to strengthen its ties with Mitsubishi and further consolidate its cooperation. Through further cooperation, the two companies may make a breakthrough in the field of electric vehicles. Peugeot Citroen said that it is possible to cooperate with Mitsubishi at the capital level.
According to sales statistics, PSA Peugeot Citroen currently ranks eighth among global automakers. A Peugeot spokesperson did not comment on how long the two-way talks will last. Today, Renault is seeking to further develop its synergy with Nissan. Peugeot will face greater pressure in the face of opponents' moves. The alliance between Peugeot and Mitsubishi hopes to make a difference in the electric vehicle field yet to be developed. At present, Mitsubishi is one of the few manufacturers that sells electric vehicles. According to the statistics of the first ten months of this year, Mitsubishi currently ranks seventh among the top eight automakers in Japan. Peugeot’s newly appointed chief executive, Philip Varan, intends to build the company as a company with greater global influence. Cooperation with Mitsubishi coincides with his plan. Vanlan, who took control of Peugeot in June this year, said that his plan can be achieved through various means, including the formation of alliances with other companies.
Christine, the French Minister of Finance and Economy, said: “As far as the automotive industry is concerned, there is a problem of overcapacity in the world. Some companies should merge and form alliances. The negotiations between Peugeot and Mitsubishi have been going on for some time. This is a good one. According to Nikkei News, if the conditions are right, Mitsubishi executives will agree to purchase a majority stake in the company. Gilme Anger, an analyst at CM-CIC, pointed out that from an industry perspective, the alliance between Peugeot and Mitsubishi will play a role. Adam Jonas, an analyst at Morgan Stanley, said in a report that the alliance between the two companies will not reduce operating costs in the short term and that the risks associated with corporate culture and integration are extremely high. The negotiation process between the two sides may take several months, and negotiations involving financing issues in particular will take more time. Japan's Oka San Securities auto industry analyst said: "For Mitsubishi, Peugeot will be the ideal partner. For Mitsubishi, the sole responsibility for environmental technology R&D costs means an excessive burden. Looking at the global automotive industry, There are not many partners found."
While other competing partners are seeking deeper cooperation, Peugeot and Mitsubishi still try to counter their opponents through non-equity cooperation. Currently Peugeot has established business contacts with some automakers including Toyota and BMW. Peugeot and Mitsubishi have already started to build a joint venture plant in Russia. The two sides also signed a contract for the production of sport utility vehicle (SUV) equipment. More importantly, Mitsubishi decided to supply i-MiEV electric vehicles for Peugeot. The Nikkei News said that the negotiations between the two parties have entered the final stage. Peugeot intends to acquire more than 50% of Mitsubishi by placing new shares. At the same time, Mitsubishi may also purchase Peugeot shares.
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