GM says it's progressing on details of Peugeot alliance
Akerson: "There is a milestone on the 31st of October."
SAO PAULO (Bloomberg) -- General Motors Co. is making headway on implementing its alliance with PSA Peugeot Citroen, CEO Dan Akerson said in an interview.
"There is progress," Akerson said Sunday in Sao Paulo, ahead of this week's auto show here.
GM said in a filing with the U.S. Securities and Exchange Commission it wants to sign agreements with Peugeot on product development, vehicle-supply and powertrain supply plans by the end of October.
"There is a milestone on the 31st of October," he said. "It's fair to say we'll have something to comment publicly on by that." The deadline allows for postponement, Akerson said in the interview.
Efforts to iron out details of the GM-Peugeot alliance slowed amid a worsening European auto market and regulatory review, people familiar with the matter have said.
The automakers have already missed a June 30 deadline on a parts-buying plan. GM announced a logistics agreement with PSA on July 2, more than two months after the April 30 deadline set out in the automakers' Feb. 29 master agreement filed with the SEC.Contact Automotive News