French car workers demonstrate about factory closures (photo:dpa)

French car industry in crisis as European sales decline

French car manufacturer PSA Peugeot Citroen announced a five billion euro loss for 2012. This came after the group decided to lay off employees in Autumn 2012 and the other French car maker Renault announced that it needed to reduce staff numbers in France by 7,500 before 2016.

FRENCH car giant PSA Peugeot Citroen saw car sales plummet by 16.5 per cent in 2012 and its market share in its major European markets slump, as it posted a five billion euros loss.

The ailing car maker - Europe’s second largest - had already announced on February 7, 2013, that it had to write down the value of its automotive assets by 3.9 billion euros because of the parlous s...

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Dr. Emmanuel Martin
But Peugeot needs to cut costs by reducing capacity by a quarter to regain profitability. This means restructuring to stop losses of 200 million euros a month caused by a drop in car sales and even more downsizing
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