PSA Peugeot Citroen said it expects an operating loss of as much as EUR2bn (US$2.8bn) this year on the back of declining sales and the switch to people buying smaller, less profitable cars.
Go deeper with GlobalData
But the automaker added it was now forecasting a decline in European sales of 12% this year – less than the 20% it had forecast earlier.
The extent of the loss will depend on how long the French government continues to support the auto industry with subsidies for buying fuel efficient cars and other funding.
PSA said it expected to lose between EUR1bn and EUR2bn, which was in line with analysts’ forecasts.
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