#PSA
GM's Alliance Partner PSA Implodes: Worst Year In Two Decades
What a sexy bride! A year ago, GM acquired seven percent in moribund PSA. A year later, PSA announces truly horrific results. PSA’s global car sales dropped 16.5 percent for the year. Its market share in Europe is down 0.5 points to 12.7 percent. There is a big black hole where there used to be a profitable Iran business.
French Government Urging PSA To Buy Opel
The French government is pushing PSA Peugeot Citroen to buy Opel, says Le Monde, which claims to have its information from sources at the French Finance Ministry and in the entourage of France’s President Francois Hollande. Buying moribund Opel would allow PSA to stand up to “ogre Volkswagen” which “has chosen to eliminate PSA,” as an informant told the Paris paper.
Le Bailout: Brussels Objects To France's Lifeline For PSA
We did not believe that EU regulators would let France’s government bailout of GM’s alliance partner PSA skate through unchallenged. State aid to companies is against EU rules, and refinancing of Banque PSA Finance is state aid EU Competition Commissioner Joaquin Almunia wrote in a letter to the French government. This according to a report in the French daily Les Echos.
About Those New Gas Engines ...
Those mysterious gas engines of course are gasoline-fed “three-cylinder engines, designed to comply with Euro VII emissions standards entering force around 2019,” says Reuters. The wire heard from Peugeot that the engines “will bring big savings for both partners.” Further details were not given.
Get An Umbrella! It's Raining New Platforms At The GM/PSA Alliance (Opel's Future, A Pictorial)
The alliance between GM and PSA is beginning to show concrete results – not just yet, but at least they decided to work on them. In a joint press release, GM and PSA announced that they will jointly work on what they call “three common vehicle platform development projects.” Meaning cars. Finally.
Algerian Government Rejects French Offer Of PSA Stake, Seeks Renault's Love
The fate of PSA and the Algerian people has been intertwined for decades. The group’s Aulnay plant, which is due to close, was originally staffed by immigrants from North Africa, lured by the promise of a better life and secure jobs in France. And while Peugeot sales withered in France, the brand has been traditionally strong in North Africa, with 2011 bringing a 93 percent increase in sales for Peugeot.
But Algeria’s push for a domestic car industry doesn’t seem to include PSA. Arch-rival Renault is due to set up a factory in the country, but PSA has apparently rejected overtures from the French government to take a stake in the ailing car maker.
PSA Cuts More Jobs In France, Dacia Expands In Morocco
Peugeot is deepening job cuts at its French factories, with another 1,500 positions set to be made redundant as part of a massive cost-cutting effort. Meanwhile, rival automaker Renault is expanding its operations in Morocco as its Dacia brand continues to steamroll through the European market.
Peugeot Kills More Jobs
Peugeot will eliminate an additional 1,500 French jobs by 2014, bringing the previously announced 8,000 layoffs close to 10,000, PSA managers told union representatives yesterday.
TTAC Salutes The Citroen C6 – RIP
Today is a sad day for TTAC’s French car fans – the last Citroen C6 rolled off the assembly line, ending a proud tradition of French luxury cars that fought a losing battle with the Germans for segment supremacy.
French Workers On Strike, News At 11
Next up in the “we couldn’t make this shit up” category – PSA and Citroen were hit by strikes after workers were called out for being unproductive.
While Big Deal With GM Fizzles, PSA Plays Footsie With Tata
Ah, those French! With their alliance with GM on les rocks, PSA is casting about for a new partner, just in case “the co-operation with GM and Opel should fail,” writes Germany’s Manager Magazin. PSA and Tata already had first talks, the usually well connected German business magazine says.
FT: GM-PSA Tie-up On The Ropes Due To Irreconcilable Differences
A while ago, I chatted with an industry executive who had “done time” (his words) at GM. I asked him how that was, and he said: “There is always that talk about the current Big Deal that will bring the company back to its former glory. When that Big Deal fizzles, it’s on to the next Big Deal.” A formerly Big Deal is fizzling in Europe.
As we reported yesterday, General Motors and PSA have put the brakes on a broader alliance. Allegedly after PSA accepted financial assistance from the French government, as Reuters says, which broke the story. GM’s stock price immediately changed course southwards, because the consequences can be enormous..
GM, PSA Suspend Talks
General Motors and PSA have put the brakes on talks regarding a broader alliance after PSA accepted financial assistance from the French government to help its ailing financial situation.
Marchionne Tries To Build The New Day Co-Op
Fans of HBO’s hit show The Wire will remember The New Day Co-Op, a coalition of Baltimore heroin dealers who band together in part to get better deals on their drug supply and remain strong against law enforcement and rival gangsters. Half a world a way, a similar proposal was floated by Fiat CEO Sergio Marchionne, but never came to pass.
Le Bailout: Ford Is Against It
Stephen Odell, CEO of Ford Europe, thinks that state aid of ailing carmakers is a dead-end street.
Recent Comments