May 11, 2016 / 8:15 AM / 4 years ago

Peugeot, Dongfeng to develop electric cars

The Peugeot logo is seen on the new Peugeot Expert van during a show at Peugeot Citroen PSA Sevelnord carmaker factory in Hordain, northern France, March 30, 2016. REUTERS/Pascal Rossignol

PARIS (Reuters) - PSA Peugeot Citroen and Dongfeng Motor said they signed an agreement on Wednesday to create a common platform to build electric cars for the Peugeot, Citroen, DS and Dongfeng brands from 2019.

PSA added in a statement that Dongfeng Peugeot Citroen Automobile (DPCA) planned to generate revenue of more than RMB 100 billion yuan ($15.4 billion) by 2020, as well as “profitable, sustainable growth”.

Building on their two-year-old partnership, the carmakers plan to design an electric version of the common technology platform they have been developing since April 2015.

“The future e-CMP (Common Modular Platform) ... will speed up the worldwide development of both of our groups, while helping us to reach the strict carbon objective set for 2020,” PSA Chief Executive Carlos Tavares said in a statement.

Reporting by James Regan; Editing by Brian Love

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