Peugeot Citroen shares slump despite reveal of company recovery strategy
April 15, 2014, 12:01 am TWN
PARIS--French auto group Peugeot Citroen, fighting to recover from crisis with a new Chinese shareholder, presented a recovery strategy on Monday, but its shares slumped.
The group would focus overall on a culture of performance and global branding, it said in a statement.
PSA Peugeot Citroen, which has made net losses of 7.2 billion euros (US$10.0 billion) in the last two years, titled its program "Back in the Race," and emphasized ambitions to grow in China and South-East Asia.
But its ambitions were received with a cold shoulder on the Paris stock exchange where its shares fell by 4.46 percent to 13.08 euros. The overall French market was down 0.26 percent.
The new chief executive Carlos Tavares said in a statement that the objective was to concentrate every resource to raise profitability.