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Peugeot Citroen shares slump as unveils recovery plan

French auto group Peugeot Citroen, fighting to recover from crisis with a new Chinese shareholder, presented a global recovery strategy on Monday, but its shares slumped. The group is to reposition its brands in markets worldwide and notably in Asia, pursue cost cuts and put all its efforts into raising profits and building a money-making culture. But traders held that the targets for a return to profits amounted to too little, too late and PSA Peugeot Citroen shares ended the day down 6.28 percent at 12.83 euros.

Peugeot Citroen promises to race back, but shares reverse

French auto group Peugeot Citroen, fighting to recover from crisis with a new Chinese shareholder, presented a global recovery strategy on Monday, but its shares slumped. The group is to reposition its brands in markets worldwide and notably in Asia, pursue cost cuts and put all its efforts into raising profits and building a money-making culture. But traders held that the targets for a return to profits amounted to too little, too late and PSA Peugeot Citroen shares fell sharply.

Peugeot Citroen boss sees return to profit by 2018 after rescue by Dongfeng, French state

PARIS - Loss-making French carmaker PSA Peugeot Citroen says it aims to return to profitability by 2018 by reducing the number of models and relying on its recent rescue by Chinese investors and the French state. New CEO Carlos Tavares, who took over Peugeot Citroen last month after the company's second-straight year of multi-billion-euro losses, says the maker of the Peugeot 208 and Citroen C3 will achieve a 2 per cent operating margin in its automotive division by 2018. Last year, the division's operating margin was -2.9 per cent.

Peugeot Citroen reveals recovery strategy, shares slump

French auto group Peugeot Citroen, fighting to recover from crisis with a new Chinese shareholder, presented a recovery on Monday, but its shares slumped. The group would focus overall on a culture of performance and global branding, it said in a statement. PSA Peugeot Citroen, which has made net losses of 7.2 billion euros ($10.0 billion) in the last two years, titled its programme "Back in the Race", and emphasised ambitions to grow in China and South-East Asia.

Peugeot Citroen reveals recovery strategy, shares slump

French auto group Peugeot Citroen, fighting to recover from crisis with a new Chinese shareholder, presented a recovery strategy on Monday, but its shares slumped. The group would focus overall on a culture of performance and global branding, it said in a statement. PSA Peugeot Citroen, which has made net losses of 7.2 billion euros ($10.0 billion) in the last two years, titled its programme "Back in the Race", and emphasised ambitions to grow in China and South-East Asia.

Peugeot, Citroen recall cars in Brazil over fire risk

French automaker PSA Peugeot-Citroen recalled 130,930 vehicles from both of its brands in Brazil due to the possible risk of fire, the company told AFP Thursday. A Citroen engineer said that a noise-protection cover placed under the hood in various vehicles risked coming loose and falling on the engine at high temperatures. A total of 88,792 Citroen C4 Pallas, C4 Hatch and C4 VTR models fall under the warning. In addition, 42,138 Peugeot 307 Hatch, Sedan, CC and SW models are also being recalled. All of the vehicles were made between 2002 and 2012.

Peugeot signs Dongfeng deal, recovery hurdles remain

By Laurence Frost and Gilles Guillaume PARIS (Reuters) - PSA Peugeot Citroen's <PEUP.PA> tie-up with China's Dongfeng <0489.HK> was signed on Wednesday, bringing the French carmaker much-needed cash and greater access to Asia but leaving major challenges ahead.

Peugeot taps ex-Airbus chief as board chairman

French carmaker Peugeot Citroen said Wednesday it had selected Louis Gallois, former chief of the parent company of Airbus, as the head of its revamped board following its rescue by Chinese auto company Dongfeng and the French state. At a meeting Tuesday the company's supervisory board approved a shake-up to include two representatives each from the French state and Dongfeng, who under a deal reached last month are to take part in a 3-billion-euro ($4.2 billion) capital hike that will help the company survive after posting colossal losses.

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>.

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>.
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