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URGENT ¥¥¥ Peugeot unveils historic 5 bn euro loss for 2012

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(Globalpost/GlobalPost)

Embattled French auto giant PSA Peugeot Citroen announced Wednesday a net loss of five billion euros ($6.7 billion) for 2012, the worst result in its history.

Peugeot, France's number one carmaker, blamed the massive loss on a 4.7 billion euro writedown last year and the crisis in the European car market. Revenue fell 5.2 percent to 55.4 billion euros.

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http://www.globalpost.com/dispatch/news/afp/130213/urgent-peugeot-unveils-historic-5-bn-euro-loss-2012