The U.S. auto industry seems to be picking up nicely, but the same can't be said for Europe. Ford just announced that it lost $100 million a month in the market over the third quarter, and PSA Peugeot-Citroën SA didn't fare much better.
Automotive News reports that the French auto conglomerate is looking to cut fixed costs by 800 million euros ($1.1 billion USD) next year, and job cuts will be part of the plan. PSA will reportedly terminate 6,000 European jobs next year, with 1,000 cuts to manufacturing, 2,500 lost contractors and another 2,500 from sales, marketing, research and IT.

The auto market in Europe has suffered from a rise in pricing pressures. PSA felt the pinch with a 1.6 percent drop in automotive revenue during the quarter. Overall revenue actually increased by 3.5 percent due to PSA's majority ownership of parts maker Faurecia SA. PSA has changed its outlook for 2011 from "clearly positive" to something closer to break even.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 6 Comments
      Hossi Blumengaarten
      • 3 Years Ago
      they need to come back and sell their cars in America yes the French messed up but it was the fault of the idiots in Minnesota(or Wisconsin) plant that did not know how to asseble cars the Citroen Metropolis looks amazing, I want it so bad!!!
        The_Zachalope
        • 3 Years Ago
        @Hossi Blumengaarten
        The only French car that were made in the US was the Renault Alliance. The problems that plagued the Alliance was not specific to vehicles made in Kenosha.
        • 3 Years Ago
        @Hossi Blumengaarten
        [blocked]
      Georg
      • 3 Years Ago
      not all europen brands have problems... this article is so wrong VAG runs from one record to the next and makes billions of profit... same counts for BMW and Mercedes .. The europen market overall hasn´t changed much in the first 9month they sold 10,122,983cars in europe thats only a drop of -1.1%... only the problem states like Greece Spain Portugal and Italy have a large drops..on the other hand europens biggest car market Germany increased in the first 9month +10.8% to 2.4million cars... Only specific brands and single markets have problems but not all brands and everywere in europe
      • 3 Years Ago
      [blocked]
      Julien
      • 3 Years Ago
      You realize these brand logos are like 15 years old?