Fierce Competition Dents Peugeot-Citroën

09 February 2007

PARIS: French automaker Peugeot-Citroën rounded off a difficult year with an 83% slide in net profits to €176 million ($228.5m; £116m). Total revenue crept up to €56.59 billion from €56.27bn, while the auto division's revenue fell 1.1% to €44.57bn.

Ceo Christian Streiff says the board has set a goal of expanding the company while improving profitability as quickly as possible. He has also promised a review over the next six months of the product launch strategy and a medium-term plan of action through 2010 to be unveiled in September.

Peugeot, Europe's second biggest automaker by sales after Germany's Volkswagen, expects the market to remain stable this year but sees no letup in the "rampant competition" that hurt it in 2006.

Data sourced from Wall Street Journal Online; additional content by WARC staff