Peugeot orders ‘massive’ production cut as sales collapse
Posted by admin in Anything else, tags: Citroën, Peugeot, PSAFrench car group PSA Peugeot-Citroen said on Friday it had ordered massive production cuts as sales collapse because of the financial crisis.
The group said it has ordered “massive production reductions” in the fourth quarter as part of an “exceptional action plan” to counter the fall of the auto market.
Peugeot forecast a 17-percent fall in car sales in Western Europe in the fourth quarter and eight percent for the year as a whole. The group said its own sales would fall about 3.5 percent after earlier predicting a 5.0 percent rise.
Peugeot’s share price plummeted 12.55 percent on the Paris stock exchange following the news, which came as trade unions at rival Renault said its plants would be shut for “one or two weeks” from next week.
via afp
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