Peugeot records largest-ever loss
Peugeot Citroen recorded an historic €5bn loss last year after Europe’s slumping car market forced France’s largest manufacturer to take a €3bn financial charge in its annual accounts.
The Paris-based group says its annual loss, the largest in its history, “reflects the deteriorated environment in the automotive sector in Europe”.
Revenue from new vechicle sales slumped 12.4% last year to €27.8bn.
The company said falling demand and rising cost of steel and other materials led to an operating loss of €1.5bn for its car making operations last year.
Europe’s car market contracted 8.2% last year to the lowest level since 1995, according to Brussels-based car industry group ACEA, but the figure in France reached 13.9%.