August 28, 2013 / 7:25 AM / in 4 years

Peugeot eyes GM tie-up in South America - FT

PARIS, Aug 28 (Reuters) - French carmaker PSA Peugeot Citroen wants to take advantage of partner General Motors’ strength in South America to reduce its dependence on Europe, Peugeot brand head Maxime Picat told the Financial Times.

The executive ruled out working with GM in the Indian market, where the U.S. carmaker has two factories, the newspaper reported on Wednesday.

“We have decided to focus on China ... South America and Russia,” the Financial Times quoted Picat as saying. “These are clearly our key targets outside Europe.”

Picat said there was a good opportunity to join forces with GM in highly competitive South American markets, where its partner already has “good scale”.

GM owns a 7 percent stake in PSA as part of an alliance unveiled last year.

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