Peugeot Citroen CEO: no recovery for years
PARIS (AP) - The chief executive of PSA Peugeot Citroen, France's largest carmaker, admits his company is "in the eye of the hurricane" as Europe's car makers face an expected 6th straight year of falling sales in 2013.
And things aren't expected to improve for years to come, says Mr Philippe Varin.
In response, the two-century old company is focused on taking its brands upscale and expanding globally, all while taking the difficult steps to shutter factories and shed workers in France's famously cossetted labor market.
Mr Varin, 60, discussed Europe's difficulties and other topics at the Paris Auto Show in the French capital. Sales in Europe have slumped 25 per cent since 2007, and no relief is in sight, Mr Varin said.