PSA/Peugeot-Citroen outlined plans to cut its model lineup by almost half and to turn Citroen’s DS unit into a separate brand in a bid to restore the automotive division’s profit.
By 2018 the carmaking unit’s operating margin will amount to 2 percent of sales, with the figure rising to 5 percent in the 2019-2023 period, CEO Carlos Tavares said today in his strategic review of the Paris-based automaker.
PSA/Peugeot-Citroen CEO Carlos Tavares is the first to admit that his turnaround strategy for the struggling automaker isn’t a wonder cure. “I cannot make miracles,” he said at Monday’s presentation of his Back in the Race recovery strategy for the company.
The Babcock & Wilcox Company (B&W) plans to restructure its mPower Small Modular Reactor program to focus on technology development. Without the ability to secure significant additional investors or customer Engineering, Procurement and Construction contracts to provide the financial support necessary to develop and deploy mPower reactors, the current development pace will be slowed, the company said.
Volkswagen is presenting the world premiere of the redesigned 2015 Jetta sedan at the 2014 New York International Auto Show. In addition to its three four-cylinder gasoline engines (2.0-liter naturally aspirated and 1.8T and 2.0T TSI Gen 3 turbocharged EA888 engines) and the a 1.4-liter turbocharged full hybrid version, the new Jetta offers the new EA288 2.0-liter diesel.
General Motors’ money-losing European unit, Opel, may break even before its 2016 deadline, the Wall Street Journal reported, citing an interview with the brand’s CEO, Karl-Thomas Neumann.
