PSA sees clear improvement of European market share in 4th quarter

Article by Anita Panait, on October 24, 2013

PSA/Peugeot-Citroen is expecting a clear improvement of their market share in Europe in the fourth quarter of 2013, thanks to an expected surge in demand for new models, according to Chief Financial Officer Jean-Baptiste de Chatillon. The French carmaker had an 11.5-percent share of the European vehicle market in the third quarter of 2013.

PSA’s CFO said that the carmaker’s gains will be boosted by sales of the new Peugeot 2008 urban crossover and Peugeot 308 hatchback. PSA is still on pace to cut its cash-consumption rate by 50 percent in 2013 and is on track for a "very significant reduction" in 2014, de Chatillon said.

PSA consumed EUR3 billion in cash in 2012 and posted EUR510 million in operating losses in its automotive unit in the first half of 2013. The French carmaker is mulling selling stakes to Chinese automaker Dongfeng Motor Corp. and the French government to boost funding, people privy with the matter told Bloomberg.

He remarked that at PSA, "there's absolutely no problem of liquidity or financial security." He said that PSA is actively working to identify valuable and profitable industrial partnerships.  A source said that PSA will discuss a capital increase at a scheduled meeting on Oct. 22, 2013.

A day after, on Oct. 23, the carmaker will publish its revenue numbers for the third quarter of the year.  The carmaker is trying to reduce costs by eliminating 11,200 jobs in France by 2015 and shutting down its in Aulnay site. PSA’s CFO said that they are completely in line with their cost-cutting forecasts.

Topics: psa, europe

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