French carmaker PSA Peugeot Citroen (IW 1000/58) and its Chinese partner Dongfeng Motors said on May 11 that they had agreed to jointly develop electric cars from 2019.
The two companies will set up an electric version of a common platform for producing cars for Peugeot, Citroen, DS and Dongfeng, PSA said.
They said the plan aimed at revenues of more than 100 billion yuan (US$15.4 billion) by 2020.
PSA and Dongfeng also signed an agreement on human resources "designed to increase synergies to develop talent internationally," according to the statement.
Carlos Tavares, PSA chairman, said: "The future e-CMP platform is a key milestone in our partnership with Dongfeng.
"It will speed up the worldwide development of both of our groups, while helping us to reach the strict carbon objective set for 2020."
Dongfeng Peugeot Citroen Automobile (DPCA) sold 710,000 vehicles in China last year.
Dongfeng Motors, like the French state, holds a stake of about 14% stake in PSA and is China's second-biggest carmaker.
Copyright Agence France-Presse, 2016