The French automobile producer of PSA Peugeot Citroen has announced that they will take over the stocks of Fiat in their joint production facility in Sevelnord in the north of France. According to the announcement of peugeot Citroen an agreement has been reached to transfer Fiat"s stocks in the joint company in Sevelnord to Peugeot citroen on December 31 2012 or before. The factory in Sevelnord will by the end of 2016, according to the announcement, continue to produce commercial automobiles of both groups. Italian Fiat announced last year that they want to leave the joint company.
This step occurred after Peugeot Citroen made a global agreement with the American automobile producer Genral Motors in February, in order to decrease the costs of production of both companies and increase the competing power in Europe.