PSA Peugeot Citroen’s incoming Chief Executive Officer Carlos Tavares hustled around the Geneva International Motor Show this week in a way that didn’t suggest he was taking one of the toughest jobs in the auto industry.
Renault SA Chief Operating Officer Carlos Tavares proposed taking on a wider role at the French carmaker in meetings this week with Chief Executive Officer Carlos Ghosn, two people familiar with the matter said.
PSA Peugeot Citroen hired former Renault SA executive Carlos Tavares to lead the French manufacturer out of a six-year slump in European demand that has sapped the finances of the region’s second-biggest carmaker.
PSA Peugeot Citroen, Europe’s second-largest carmaker, will cut its lineup by almost half and turn the Citroen unit’s DS badge into a separate premium brand in a bid to return the automotive division to profitability.
PSA Peugeot Citroen, Europe’s second-biggest carmaker, rose the most in four months after an analyst at Goldman Sachs Group Inc. said the manufacturer has been able to charge more for vehicles because of new models.
PSA Peugeot Citroen completed the sale of 289 million new shares as part of a 3 billion-euro ($4.1 billion) capital increase to help Europe’s second-biggest carmaker finance a product revamp and push abroad.