New Name, New Frontiers For PSA Peugeot Citroen

Forget all about PSA Peugeot Citroen. It’s dead. Well, the name, anyway.

As part of its five-year corporate strategy, dubbed “Push to Pass,” the French automaker is rebranding itself as Groupe PSA and dropping hints of a tentative return to the U.S. market.

PSA’s sales and profitability are growing again thanks to a new product strategy and a bailout by the French government, but CEO Carlos Tavares wants to see more gains by branching out into new markets.

Tavares outlined the details of Push to Pass in Paris today, stating that the automaker will introduce a flood of new vehicles while also investing in plug-in and electric vehicle technology. Over the next five years, the company plans to bring to market 26 new passenger cars and eight commercial vehicles, as well as seven plug-in models and four EVs.

By 2018, PSA hopes to increase volume by 30 percent and post 10-percent revenue growth (15 percent by 2021). PSA raised its operating profit target to six percent of sales by 2021, up from five percent this year and two percent just two years ago.

With seemingly every automaker dipping its toe into the mobility services market, PSA isn’t willing to be left out of the action, and might seek out partnerships to make it happen.

The automaker wants to become a mobility operator by next year, possibly through a collaboration with French EV builder and car-sharing supplier Bollore.

Tavares said car-sharing program, or perhaps a leasing program that keeps ownership of the vehicle in the hand of PSA, might make it to U.S. shores if the venture works out in France. Even then, PSA’s presence would be limited and regional.

As part of its growth strategy, PSA wants to draw 20 percent of its revenue from high-end products. The automaker recently Automotive News]