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PSA Peugeot Citroen is planning two new models for emerging countries as it seeks to break its dependence on mature markets.

The two new models are an entry-level small car known internally as global small and a mid-sized sedan known as M3-M4, according to the Les Echos newspaper.

Japanese partner Mitsubishi Motor is leading the development of the small car which would be sold in several continents and could be produced in Japan, Thailand, India, Latin America or China. A launch date is yet to be decided.

PSA and Mitsubishi failed to agree on an expanded partnership in March, which was set to include a capital exchange, but said at the time they were discussing working together on more projects.

PSA outlined a plan last November to boost profitability that included new models for 2010-2013 targeting emerging markets it wants to focus on as mature markets stagnate.

PSA confirmed the group is working on two new models for emerging countries for the longer term but declined to give any details on volume targets or timescale.

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By GlobalData

Last month the group had announced that it would invest around EUR1bn (US$1.2bn) at its Vigo site in Spain over five years, and said at the time it would build a “core range” model there.

Separately, Les Echos said PSA and Chinese partner Dongfeng are considering whether to build a third factory in China.