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Research and Development VEHICLE AERODYNAMICS Fuel consumption is linked to vehicle weight and air resistance, making lighter, more aerodynamic vehicles critical to reducing fuel consumption and emissions. In partnership with Renault and France’s Conservatoire National des Arts et Métiers (CNAM), PSA Peugeot Citroën has installed two automotive aero-acoustic wind tunnels in Saint- Cyr-l’Ecole in the Paris region to conduct aerodynamic and aero-acoustic tests in the areas of safety, vehicle noise and CO 2 emission abatement. The €35-million investment, financed two-thirds by the two carmakers and one-third by the French government, positions the partnership as the European leader in aero-acoustics for ground vehicles. The facility is scheduled to open in summer 2003. conventional catalysis. Bench tests in the laboratory demonstrated that nitrogen oxide (NOx) emissions are reduced by more than 70%. In DeNOx catalysis, the NOx is trapped by a catalyst impregnated with NOx–absorbing compounds during conventional engine operating phases on a lean fuel mixture. When the trap is saturated, the NOX is reduced and returned safely to the atmosphere in the form of nitrogen by running the engine for several seconds with a rich mixture. When used in combination with certain HDI engines, this catalyst will further improve conversion rates. IMPROVED GASOLINE ENGINES Conventional internal combustion engines must also continue to improve their emissions control performance until alternate technologies are mature enough to replace them. MORE FLEXIBLE VALVES FOR LESS CO 2 Improving distribution systems to enhance the efficiency of spark ignition engines entails modifications to valve timing, which at present is permanently set in the factory. PSA Peugeot Citroën is preparing for the widespread introduction of variable timing 92 PSA PEUGEOT CITROËN - MANAGING BOARD REPORT
Growth Strategy Corporate Governance Business Review Corporate Policies Management’s Discussion and Analysis Statistics systems. These systems—known as variable valve timing (VVT), variable valve lift system and timing (VVL), or Valvetronic—adjust the timing and degree of valve opening instantly to optimize cylinder filling and increase engine efficiency. Longer-term, the logical outcome of this research will be the camless engine, in which throttle valves will be operated by a computer-controlled electromagnetic or electrohydraulic system, instead of a camshaft. With this technology, the throttle valve and related pumping losses will be eliminated, thereby directly reducing fuel consumption—and with it CO 2 emissions— by as much as 10% compared with existing engines. DIRECT GASOLINE INJECTION FOR INCREASED FUEL ECONOMY PSA Peugeot Citroën is also conducting research into direct gasoline engine injection that, like the camless engine, would eliminate pumping losses linked to the throttle valve. Another area of study is stratified combustion, based on the observation that a slightly richer air-fuel mixture is needed for ignition than in other parts of the combustion chamber. If differentiated combustion regions can be created on a sustainable basis, the fuel mixture could be kept as lean as possible to minimize fuel consumption. These technologies could reduce consumption by around 5%. HYBRID VEHICLES, AN EMERGING TECHNOLOGY To reduce fuel consumption, hybrid vehicles combine two sources of energy, an internal combustion engine and an electric motor. In June 2002, PSA Peugeot Citroën and Electricité de France (EDF) signed a cooperation agreement to develop electric and hybrid vehicles and to step up research into associated technologies. Both partners place great importance on expanding the use of environmentally friendly automobiles, in particular among owners of electric vehicle fleets, such as public authorities, communities, and companies. The main challenge for the future is batteries, whose size, cost and volume can all be improved. The next hybrid electrical applications will be based on nickel-metalhydride batteries. In the longer term, though, lithium-ion batteries will overtake them, since they potentially offer a better energy/power ratio for equivalent volume and a lower objective cost, after adjustments to vehicle architecture. The Group is taking a pragmatic, prudent approach to three types of hybrid vehicle: - Stop and Start vehicles, which cut the engine whenever the car stops. By eliminating the idling phase, this solution PSA PEUGEOT CITROËN - MANAGING BOARD REPORT 93
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2002 ANNUAL REPORT
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K ey figures Worldwide sales Automo
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Contents 2 A Tribute to Pierre Peug
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A Tribute to Pierre Peugeot Our Gro
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M essage from the Chairmen is alrea
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plan defined by the Managing Board.
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10 Growth Strategy 16 Corporate Gov
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Growth Strategy 12 • One Group, t
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Growth Strategy Corporate Governanc
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Corporate Governance 18 21 22 • T
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Business Review 30 34 44 48 52 56 O
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Page 45 and 46: Growth Strategy Corporate Governanc
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Page 135 and 136: Appendices to the Managing Board Re
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2. Effect on stockholders’ equity
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Allibert’s non- automotive busine
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2000 (in millions of euros) Automot
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➔ Note 5 - Key financial data for
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➔ Note 12 - Operating expenses -
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➔ Note 15 - Intangible assets Int
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Unrealized gains on restricted stoc
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➔ Note 21 - Inventories Inventori
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➔ Note 25 - Short-term income tax
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g) Capital in excess of par value o
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➔ Note 34 - Other long-term borro
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2. Short-term portion (in millions
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➔ Note 42 - Net financial positio
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1. Automobile division An early-ter
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- Changes during the year (in milli
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The entire debt is converted to flo
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2. Maturities of hedging instrument
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➔ Note 50 - Commitments and conti
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2. Effect of debenture conversions
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F ive-year consolited statement of
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F ive-year consolidated balance she
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C onsolidated companies as at Decem
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Company Percent Percent F/E control
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Recruitments (1) 2 4 Disabled emplo
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7 Paid leave other than vacations E
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Consumption Peugeot 607 Fuel Displa
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E nvironmental Indicators Productio
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Waste production PEUGEOT CITROËN A
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M anagement and Administration Main
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I nformation about the company’s
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S tatutory Auditors’ Report on th
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➔ Stockholders’ Meetings (Artic
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PEUGEOT S.A. 100% AUTOMOBILES CITRO
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S tockholder Information (Euronext
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F inancial authorizations in effect
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216 PSA PEUGEOT CITROËN - INFORMAT
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R esolutions Eighth resolution Auth
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T he Vice Presidents Committee Thie
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12,000 copies of this report were p
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