Mitsubishi Motors Corporation CEO, Takashi Nishioka and PSA Peugeot Citroën CEO, Jean-Martin Folz signed today a Memorandum of Understanding for a partnership on all-new SUV’s.

A final agreement will be completed by Spring 2005.

This Memorandum plans the annual production in Japan of 30,000 units for PSA Peugeot Citroën’s needs, based on a Mitsubishi platform currently under development.

To be launched in 2007, these new SUV’s will have specific designs for Peugeot and Citroën. They will be equipped with PSA Peugeot Citroën’s HDi Diesel engines with particulate filters.

To begin with the project will target European markets, but the two groups are also considering the possibility of supplying other markets and expanding their partnership.