PSA Peugeot-Citroën (PSA) is sticking to its sales and profit goals for 2010, despite the global financial crisis.
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Speaking at the Paris motor show today, group chairman Christian Streiff said: “We are confident, because we are well-positioned thanks to our restructuring programme, CAP2010 and our leadership in environmentally-friendly vehicles”.
PSA is aiming to sell 4m vehicles by 2010 and achieve a profit margin of 5.5-6%.
According to German news agency dpa, Streiff said PSA had saved around EUR2bn in the last 18 months with the CAP2010 programme. The company cut 6,600 jobs in the first half of 2008 and is on course to cut new model development times to two and a half years.
In addition the company has defended its 14% market share in Europe, said Streiff. He hopes lower sales in Europe will be offset by growth in Russia, as well as China and Latin America.
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By GlobalDataStreiff is also pinning future hopes on diesel hybrid technology and has forecast that hybrids could take 50% of the market next decade, with pure electric cars accounting for just 5-15% in the longer term.
