Peugeot Loses as Much as Government Offers in Industry Aid
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PSA Peugeot Citroen’s automotive unit lost as much money in the first six months as the French government plans to plough into the industry to try and protect automakers from a fifth consecutive year of shrinking sales.
France will spend about 665 million euros ($807 million) to bolster the country’s auto sector, protect jobs and build the “vehicles of tomorrow,” Industry Minister Arnaud Montebourg said in Paris today, adding the government is making available to auto-parts suppliers 450 million euros in financing.