Connect to share and comment

Peugeot to cut pension packages: paper

PARIS (Reuters) - French carmaker PSA Peugeot Citroen <PEUP.PA> is to cut the size of its executive pension packages, French daily Les Echos reported, months after public criticism forced former chief executive Philippe Varin to turn down his pension. The struggling carmaker's supervisory board has approved new methodology that cuts the amount provisioned by the company for executive pension packages to 16 million euros ($22.26 million) for 2013 versus 70 million for 2012, Les Echos reported in a pre-released version of its Thursday edition.

Peugeot agrees to state-backed chairman: sources

By Laurence Frost and Gilles Guillaume PARIS (Reuters) - PSA Peugeot Citroen's <PEUP.PA> board agreed on Tuesday to nominate French civil servant Louis Gallois as its next chairman, sources said, as the carmaker prepares for a 3 billion euro ($4.2 billion) tie-up with China's Dongfeng Motor Group <0489.HK>.

Geneva motor show set to make tracks out of crisis

The Geneva Motor Show will kick off next week on an optimistic note as the long-suffering European car market appears to finally have swerved out of the slow lane. Luxurious sports cars, high-end SUVs and city cars will be bumper-to-bumper at the show -- one of the auto industry's biggest and most diverse events -- as it cruises out from under the long shadow of industry crisis. Carmakers and analysts alike say the worst of the difficulties are now in the rear-view mirror.

Chinese automaker Dongfeng announces agreement to invest $1.1 billion in France's Peugeot

BEIJING, China - Chinese automaker Dongfeng said Wednesday it will invest 800 million euros ($1.1 billion) in France's Peugeot and expand co-operation in China's fast-growing market. The agreement would give struggling PSA Peugeot Citroen much-needed capital while state-owned Dongfeng Motor Co. gains access to a well-known brand and advanced technology to help expand its share of the Chinese auto market. Dongfeng said the Chinese company, the French government and the Peugeot family will own equal stakes in Peugeot and each is expected to gain equal voting rights.

Peugeot family approves draft Dongfeng deal: sources

By Gilles Guillaume and Laurence Frost PARIS (Reuters) - PSA Peugeot Citroen's <PEUP.PA> founding family gave the go-ahead on Monday for a 3 billion euro ($4.1 billion) tie-up with China's Dongfeng <0489.HK> that would draw a line under one of France's oldest industrial dynasties, sources said.

French car sales hit 15-year low in 2013

The French auto market sank to its lowest level in 15 years last year with 1.79 million new cars sold and with only a hesitant rebound expected in 2014, data published Thursday showed. Sales fell by five percent in 2013, figures from CCFA manufacturers association said. Light utility vehicles sales fell by 4.4 percent, it added. "The 2013 vintage is to be forgotten," said auto market analyst Flavien Neuvy of Cetelem credit company.

French car sales hit 15-year low in 2013

The French auto market sank to its lowest level in 15 years last year with 1.79 million new cars sold and with only a hesitant rebound expected in 2014, data published Thursday showed. Sales fell by five percent in 2013, figures from CCFA manufacturers association said. Light utility vehicles sales fell by 4.4 percent, it added. "The 2013 vintage is to be forgotten," said auto market analyst Flavien Neuvy of Cetelem credit company.

General Motors finishes sale of PSA Peugeot Citroen stake for about $343 million

DETROIT - General Motors Co. got about $343 million for its 7 per cent stake in French automaker PSA Peugeot Citroen. The Detroit company on Friday said that it completed the private placement sale of 24.8 million PSA shares for 250 million euros. GM bought the PSA stake in March 2012 for $402 million when the companies announced a car-building and purchasing alliance. That means the company will lose about $59 million on the deal.

European stocks end tough week on a high

European stock markets rose Friday as bargain-hunting helped to offset steep falls at French car giant Peugeot and insurer RSA, traders said. London's benchmark FTSE 100 index climbed 0.17 percent to stand at 6,456.29 points approaching midday in the British capital. Frankfurt's DAX 30 index gained 0.27 percent to 9,041.59 points and in Paris the CAC 40 increased by 0.32 percent to 4,082.34 compared with Thursday's closing values.

GM yet to reap full benefits of European alliance plans

By Edward Taylor FRANKFURT (Reuters) - General Motors Co <GM.N> scaled back its alliance with Peugeot <PEUP.PA> on Thursday and put a brave face on yet another setback for its efforts to seek growth in Europe through collaboration and partnerships. It was the second time in a year GM had trimmed its expectations on the deal it agreed in February 2012, but it said the alliance could still offer up new opportunities.
Syndicate content