GM’s new partner PSA increasingly reminds of pre-carmageddon Ford: Europe’s number 2 finds itself short on cash and way too long on capacity. Other than Ford that had mortgaged everything, PSA takes more radical steps. After putting is own headquarters building up for sale, PSA is ready to sign over parts of its Aulnay car plant to renters.
According to Reuters, PSA is looking for tenants for parts of its Almay factory north of Paris. PSA wants to turn another 17,000 square meters (183,000 square feet) into rental income. It had already leased out 23,000 square meters of the factory.
With presidential electioneering in high gear, plant closures are a topic that is even more explosive than usual in France. Union and government officials have received assurances that the plant will continue making the Citroen C3 subcompact – at least through 2014. The CGT union wants better assurances, “but management doesn’t want to commit itself to anything at all,” a union official complained on Friday