10/26/2011
PSA Peugeot Citroën to Cut 3,500 Jobs in Europe as it Tries to Slash Costs
Posted on 8:00 AM by ^^!
French carmaker PSA Peugeot Citroën is feeling the burden of the economic crisis as the company said on Wednesday that despite group revenues being up 3.5% compared with third-quarter 2010, its core automotive division's revenues are down 1.6% year-on-year and as a result, it would barely break even this year.
The Paris-based automaker blamed the drop in revenues on the negative impact from the aftermath of Japan's tsunami (€250 million) and the higher prices of raw materials (€700 million).
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