General Motors and PSA/Peugeot-Citroen will build three cars together and move ahead  with plans to jointly purchase components.

The US and French carmakers, which earlier  this year agreed on a far-reaching cooperation, said they would develop common vehicle architectures for a C-segment vehicle for Opel and Peugeot; a B-segment MPV for both groups; and an "upgraded low CO2 B-segment platform" for Opel and PSA's next-generation of cars.

In October, the companies had said they would build four vehicles together, but according to Thursday's press release, a larger car is no longer included in the plans.

The partners stressed that Opel, Peugeot and Citroen vehicles built on the planned common platforms will maintain their own brand characteristics. The first results from the cooperation are expected to be launched in 2016.

GM and PSA asid they had signed a definitive agreement for a joint purchasing organization in Europe. This part of their agreement is still subject to anti-trust approvals.

The two carmakers, which both are losing money in Europe, hope to achieve combined annual savings of 2 billion dlrs a year as a result of their alliance. Those savings , which will come in part from a joint purchasing organization, will be achievable “within five years,” they said in the press release.