PSA/Peugeot-Citroen may seek more cost savings and does not rule out capacity cuts in France after 2016 if they are needed to turn the struggling carmaker around, new CEO Carlos Tavares said.Tavares also pledged to accelerate a 1.5 billion euro ($2.1 billion) savings drive already underway at the company.

PSA expects to achieve positive free cash flow no later than 2016. “I am very confident we can pursue the turnaround of the company,” he said.