Job cutsPSA debt risk soars as asset sales fail to ease cash concernSept. 21, 2012 14:34 CET  The cost of insuring PSA/Peugeot-Citroen soared more than any company in Europe on concern that asset sales won't be enough to bolster the carmaker's worsening finances.... Read More »
Fiat said to trim 20% of management jobs in EuropeSept. 20, 2012 15:34 CET  Fiat is trimming the European management ranks at its volume nameplates by 20 percent to reduce operating losses, a person familiar with the matter said.... Read More »
Renault's Slovenia unit to cut production, work forceSept. 13, 2012 13:20 CET  Renault's Slovenian unit said it will cut production this month and reduce its work force by about 4.7 percent by the end of the year due to lower demand.... Read More »
French minister: PSA should cut in Spain, not just in FranceSept. 13, 2012 14:40 CET  France's industry ministry is pressing the country's leading carmaker PSA to limit the impact of a domestic restructuring set to claim 8,000 jobs, by shifting part of the cuts burden to Spain.... Read More »
Hollande government sees PSA job cuts as 'inevitable'Sept. 12, 2012 09:04 CET  For French President Francois Hollande's government, PSA's decision to close a factory and eliminate jobs has gone from "unacceptable" two months ago to "inevitable" now.... Read More »
Renault's Korean unit to cut 15% of work force on poor salesSept. 10, 2012 09:09 CET  Renault's South Korean unit plans to cut around 15 percent of its work force under a voluntary retirement scheme as sales at the unit slumped 40.4 percent in the first eight months of this year. Around 800 workers out of a total 5,500 will leave the company under the program, Renault said on Monday.... Read More »
NEWS ANALYSIS PSA must prepare for a tough fight over French plant closureAug. 15, 2012 09:57 CET  Within hours of an announcement to close a PSA plant near Paris, the first car factory closure in France in 20 years, the automaker's unions went on the attack, with one union likening themselves to a ''political bomb'' ready to detonate. The move is in stark contrast to the reaction of U.S. unions four years ago after a automakers there slashed production capacity in exchange for government assistance.... Read More »
French government to probe PSA's job cutsAug. 10, 2012 09:48 CET  The French government has appointed a special advisor to probe PSA's plans to eliminate 8,000 jobs and close a car plant in France. The probe will determine whether the government believes PSA's restructuring plan is necessary and whether the job cuts can be avoided.... Read More »
Fiat spending halt in Italy sparks calls for gov't actionAug. 3, 2012 07:34 CET  Fiat's decision to temporarily halt new investments in Italy prompted politicians and unions to ask the government to intervene to secure the industry's future in the country as car sales plunge to a 33-year low.... Read More »
Fiat declines to give clues on new investmentsAug. 2, 2012 07:34 CET  Fiat declined to give any details on its future investments because of the economic downturn and slumping car sales in Europe.... Read More »
PSA prepares finances for Gefco suitors, sources sayJuly 26, 2012 06:01 CET  PSA is working on a financing package to help push through the sale of logistics unit Gefco, people familiar with the process said.... Read More »
PSA's problems grow while VW's profits soarJuly 24, 2012 08:19 CET When PSA reports earnings tomorrow, it's likely to show deepening losses as European new-car sales plunge. The decline will be magnified the following day when VW Group is expected to post record profits, the result of years of expansion outside the region and investments in Audi.... Read More »
PSA, Toyota close to deal on Sevelnord plant, report saysJuly 20, 2012 12:22 CET Toyota is close to an agreement to purchase light commercial vans from PSA's threatened Sevelnord plant in northern France, a French newspaper reported.... Read More »
PSA weakened by gov't attacks, chairman tells paperJuly 20, 2012 06:01 CET  Government criticism of PSA's planned cutbacks have weakened the French automaker and even left it vulnerable to hostile takeover bids, Chairman Thierry Peugeot said in an interview with a French newspaper.... Read More »
French industry minister to quiz Peugeot familyJuly 17, 2012 18:46 CET French Industry Minister Arnauld Montebourg plans to summon members of the Peugeot family to explain why PSA/Peugeot-Citroen had continued to pay dividends even as it was facing mounting difficulties, he told parliament on Tuesday. PSA said last week that it would cut 8,000 jobs in France and close an assembly plant to stem operating losses of 200 million euros a month.... Read More »
PSA's Varin sees European rivals cutting capacity, paper reportsJuly 17, 2012 13:55 CET  PSA CEO Philippe Varin said he "would not be surprised" to see other automakers cut European capacity in the wake of his decision to close a plant near Paris, French newspaper Le Monde reported on Tuesday.... Read More »
French president says PSA job cut plan is not acceptableJuly 14, 2012 10:34 CET  President Francois Hollande said PSA's decision to close a factory and cut an additional 8,000 jobs is unacceptable and that he will lean on Europe's second-biggest carmaker to renegotiate the plan.... Read More »
PSA's Varin urges gov't action on labor costsJuly 13, 2012 14:32 CET  PSA CEO Philippe Varin called for the French government to take action to reduce labor costs, a day after the automaker said it would cut 14,000 job cuts and close its Aulnay plant near Paris as part of wide-reaching restructuring plans.... Read More »
PSA faces heavy criticism over closure of Aulnay car plant in FranceJuly 12, 2012 09:16 CET  PSA faced mounting criticism in France today after the company said it would close its Aulnay car plant near Paris as the automaker struggles with mounting losses at its core automotive division.... Read More »
PSA, Fiat put Sevelnord exit terms to works councilJuly 11, 2012 13:07 CET PSA/Peugeot-Citroen and Fiat said on Wednesday they had presented the terms of a Fiat exit from their shared commercial van plant in northern France to employee representatives.... Read More »
France eyes structural change to save auto sectorJuly 9, 2012 09:03 CET  France plans to unveil structural measures to help its struggling auto industry stay afloat, French Finance Minister Pierre Moscovici said, as the threat of closure looms over a PSA plant near Paris.... Read More »
Fiat may close second Italian factory, Marchionne saysJuly 4, 2012 10:59 CET  Fiat CEO Sergio Marchionne said he may close a second Italian factory as European auto deliveries sink for a fifth straight year.... Read More »
PSA said to buy Fiat stake in French production partnershipJuly 3, 2012 14:51 CET PSA expects to buy Fiat's stake in their joint venture at a factory in Sevelnord, northern France, the automaker said on Tuesday, in an internal document seen by Reuters. Fiat has already made clear its plans to exit the partnership, which makes light commercial vehicles.... Read More »
PSA seeks to cut up to 10,000 jobs in France, union chief saysJuly 3, 2012 09:14 CET  PSA plans to shed 8,000 to 10,000 jobs in France this year, more than previously announced, as sales slide and management seeks further savings, a senior union official said.... Read More »
GM-PSA ALLIANCE Opel dismisses report that a German factory will build PSA midsized carsJune 27, 2012 06:01 CET Opel dismissed as speculation a report that it will build Peugeot and Citroen midsized cars at its Ruesselsheim, Germany, factory. Citing union officials, a German paper reported that Opel is preparing to build future versions of the Citroen C5 and Peugeot 508 cars at Ruesselsheim.... Read More »
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