European car sales fell 5 percent in August with PSA/Peugeot-Citroen and Volkswagen Group hit hardest by the euro-zone slump, which is keeping customers out of showrooms.
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CEO Varin says PSA seeks further plant cuts in union talks
PSA/Peugeot-Citroen will seek further plant cuts from French unions to reduce overcapacity, CEO Philippe Varin said. Varin said that production line shutdowns were “exactly the discussion we are having” but said he would present cutbacks to unions before announcing details.
VW, Ford, PSA hit hardest as French car sales fall 11% in August
Volkswagen, Ford and PSA/Peugeot-Citroen were the hardest hit as French auto registrations dropped 11 percent last month, challenging hopes for a swift stabilization of the market for new cars.
Car registrations fell to 85,565 in August, a slow holiday month from which it is harder to extrapolate trends, France’s CCFA industry group said today.
Faurecia plans to close 8 plants
Faurecia, the French supplier controlled by PSA/Peugeot-Citroen, will close eight car seat factories over the next four years, sources familiar with the plan said.
PSA mirrors VW, readies megaplatform to cut costs
PSA/Peugeot-Citroen is planning to produce its compact, mid-sized and SUV models on a common platform that also is likely to underpin models made by alliance partner General Motors.
The struggling French automaker is looking to borrow from Volkswagen’s money-saving megaplatform strategy as a way to stem massive financial losses that have forced staff cuts and a planned factory closure in France.
