PSA Peugeot-Citroen’s boss, Christian Streiff, has said that he expects the firm’s volume to fall 20% in 2009.
He also said that he anticipates further pain in 2010 and described the situation for the global car industy as one of ‘worldwide catastrophe’.
“What is striking at the moment is the worldwide catastrophe in the car industry because the Brazilian market, the Chinese market and the Russian market have stopped in their tracks just like the European market. That makes for a fall of over 20%,” Streiff told RTL radio.
Streiff was speaking following a deal with the French government that provides EUR3bn in preferential-rate financing for PSA as well as for Renault, the conditions of which have met with some criticism from other EU nations.
“The outlook for 2009 is terrible. The group is starting the year with a fall of more than 20% compared to a year ago in all countries combined,” Streiff said.
He added: “We are working on the assumption that the market in 2010 remains difficult.”
Streiff also said he believed his job was not in danger.