The Covid-19 pandemic hits the French car industry hard. For PSA, with flagships such as Peugeot and Citroen, it was a sales race of 27.8 percent to a total of 2.51 million cars last year.
However, PSA notes some recovery in the second half of the year with growth in the fourth quarter.
At the same time, the French competitor Renault is launching new austerity measures to deal with the corona crisis, which has hit France hard with widespread contagion and shutdowns. Renault raises its cost reduction target by EUR 500 million to a total of EUR 2.5 billion by 2023.
The model going forward is simplified production, higher margins, reduced production volume and a tightened budget for research and development, according to Renault, which earlier this week reported a sales drop of 21 percent last year.
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