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April 6, 2016updated 09 Apr 2021 10:01am

Tavares cites PSA “panache” in turning profit

PSA Peugeot Citroen says it does not have a "magic wand," but is pointing to its significant achievements in stemming financial losses and posting a major profit of EUR1.2bn (US$1.6bn) for last year.

PSA Peugeot Citroen says it does not have a “magic wand,” but is pointing to its significant achievements in stemming financial losses and posting a major profit of EUR1.2bn (US$1.6bn) for last year.

The numbers represent a remarkable pick-up in fortunes at the French automaker, whose chairman, Carlos Tavares outlined the manufacturer’s major new product launches and cost initiatives in Paris yesterday (5 April) through its ‘Push to Pass’ plan.

“[In] two-and-a-half years we have turned around the company with a certain panache, I might say,” said Tavares. “We are not magicians, we are not wizards, so don’t expect a flip of the wand from us.

“We are going to do like many other carmakers in the world – build our cars in those markets where customers are located. Obviously, everything else is going to be determined by the need to ensure the long-lasting survival of our company.

“If there is some magic in PSA, it is we have turned around the company more quickly than planned and it is thanks to those resources, which means we have a company which is master of its own destiny.”

The Push to Pass initiative includes launching a 1t pick-up, seven hybrids and four electric vehicles, as well as a ten-year programme to restart operations in North America and follows the French automaker’s ‘Back in the Race’ drive, which has seen a return to profitability.

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