PSA Peugeot Citroen, Europe’s second- biggest carmaker, said demand for new vehicles in the region has started to stabilize at a “very low level” after deliveries increased in April for the first time in 19 months.
PSA Peugeot Citroen, Europe’s second- largest automaker, reached a deal with a striking union on closing a car factory in France, removing one of the last obstacles to a plan to cut 11,200 domestic jobs.
PSA Peugeot Citroen, Europe’s second biggest carmaker, beat analyst estimates for first- quarter revenue as delivery growth in China and Latin America limited a decline caused by a recession in its home region.
PSA Peugeot Citroen, Europe’s second-biggest carmaker, laid out plans to return to profit as an upscale shift of its main brand and cooperation with General Motors Co. add to the effects of spending cuts.
PSA Peugeot Citroen, Europe’s second-largest carmaker, cut its management board to four executives from six as Chief Executive Officer Philippe Varin streamlines management in a push to end auto losses.
PSA Peugeot Citroen, Europe’s second-largest carmaker, raised its sales target in China by 11 percent after demand rose more than expected in the first quarter, providing welcome relief to woes in its home region.
PSA Peugeot Citroen’s credit rating was cut to four levels below investment grade by Moody’s Investors Service, which said Europe’s car-market contraction puts the auto manufacturer’s plans to restore cash flow at risk.
PSA Peugeot Citroen, the French carmaker that consumed about 200 million euros ($262 million) a month in cash last year, will postpone job cuts by at least 10 days as it awaits a court ruling on the strategy.
PSA Peugeot Citroen, Europe’s second-largest carmaker, said it may help General Motors Co. develop smaller models while gaining its partner’s expertise in sport-utility vehicles as the manufacturers’ alliance expands.