Peugeot May Cut 10,000 Jobs In France

Bloomberg is reporting that Peugeot may expand their job cuts in France, with the potential for 10 percent of their domestic warehouse to be cut. Christian Lafaye, the head of Peugeot's second largest union, told Bloomberg that "They will raise the job cuts target in France alone to 8,000-10,000″. Peugeot wouldn't comment on the figure, but given the way things are shaking out in Europe, it's plausible. In Novemeber, 2011, Peugeot was targeting job cuts of around 6,000. Declining car registrations in Europe (with Italy down by nearly 25 percent according to the latest available data) amid great uneconomic uncertainty means that the auto industry is in a precarious position on the continent; they are dealing with a problem of overcapacity and a shrinking market at the same time.   from The Truth About Cars http://www.thetruthaboutcars.com

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