PSA Peugeot Citroen Deep In The Reds

Europe's second-largest car maker and GM alliance partner PSA Peugeot Citroen ended the first half of the year with its auto division 662 million euro ($800 million) in the reds, Reuters says.   This loss did not come unexpected. Global sales were down 13 percent in the first half year, Iran-heavy CKD sales were down a whopping 31 percent.  PSA tried to stem additional bloodletting by announcing 8,000 French job cuts and a plant closure. That brought the company in the cross hairs of the newly elected leftist government. PSA wants a 10 percent reduction of the French workforce. Peugeot says that would generate 1.5 billion euros in savings by 2015. €350 million are supposed to be saved through the cooperation with alliance partner GM. Cross-town rival Renault expects European car sales not to return to pre-crisis levels before 2017. from The Truth About Cars http://www.thetruthaboutcars.com

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