On Thursday, General Motors (NYSE:GM) and Peugot-Citroen announced an expansion in their global manufacturing alliance, first established on February 29, 2012.

The partners plan to form a joint venture for purchasing parts for their European operations, and also to develop three vehicles jointly -- a minivan under GM's Opel/Vauxhall badge, a Peugot-badged compact SUV, and a crossover minivan that can be rebadged across both groups. Down the road, the parties will also cooperate in developing a modernized car platform featuring low CO2 emissions, which either or both groups can later market.

The companies noted in a statement that they expect to see the first cars developed under this new alliance arriving in time for model year 2016.

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