PSA Peugeot Citroen, Europe’s second-biggest carmaker, said it’s offering stock to investors at 6.77 euros a share after selling stakes to Chinese partner Dongfeng Motor Corp. and the French state to fund a turnaround.
Chris Bangle, Bayerische Motoren Werke AG’s former design chief, once likened the German carmaker’s lineup to a bratwurst in three different lengths. Now, there’s a lot more on offer, including convenience sizes.
Chinese upstart Qoros Auto Co. is out to challenge Volkswagen AG, PSA Peugeot Citroen and other Europeans on their home turf, signaling a broader push by the country’s car manufacturers to target western customers.
Volkswagen AG is bidding 6.7 billion euros ($9.2 billion) for the rest of Scania AB to restart a stalled plan to create a global heavy trucks unit that can compete with industry leaders Daimler AG and Volvo AB.
Daimler AG nominated former Volkswagen AG Chief Executive Officer Bernd Pischetsrieder to the luxury-car producer’s supervisory board as VW hired a previous Daimler manager to run heavy-truck operations.
After Philippe Varin steered steelmaker Corus Group Ltd. away from bankruptcy 10 years ago, he was made commander of the order of the British Empire for “services to the U.K. steel industry.” As chief executive officer of PSA Peugeot Citroen, there’s scant chance he’ll get a similar honor in France.
A photo in Christian von Koenigsegg’s office shows one of the 41-year-old Swede’s limited-edition supercars -- a 2011 Agera R, in fire-engine red -- alongside a sparkly gold abomination that looks like it drove off the set of “Chitty Chitty Bang Bang.” The latter is a recreation of the car von Koenigsegg first saw at age 5 in a stop-motion Norwegian film called “Flaklypa Grand Prix,” which tells the story of a small-town bicycle repairman who builds a race car from scrap parts and -- in the face of doubt and ridicule from established automakers -- goes on to win the 24 Hours of Le Mans.