GENEVA (AP) — PSA Peugeot-Citroen chairman Philippe Varin says the new alliance with General Motors will allow the French automaker to return to long-term profitability in Europe.

Varin told reporters at the Geneva Motor Show on Wednesday that Peugeot is determined to learn from failed alliances in the past. And he said Peugeot will remain committed to targeted alliances already in place, such as one for diesel engines with Ford and for gasoline engines with BMW.

Peugeot and GM have signed a deal to develop a common platform by 2016 and create economies of scale in purchasing.

Varin said the benefits should appear in five years.

The Paris-based carmaker lost €439 million ($578 million) on its car business last year.