Uncertainty over Brexit and an economic slowdown in Italy and Germany are weighing on car sales
PSA Group managing board chair Carlos Tavares delivers a presentation of the group's full-year financial results, in Rueil-Malmaison, February 26 2019. Picture: ERIC PIERMONT/AFP
PSA has been working towards the announcement, adding a car-sharing service in Washington, DC in 2018. The French manufacturer’s move will help lessen dependence on Europe, where it delivered 80% of its cars in 2018, including the compact Peugeot 308 and the 3008 sport utility vehicle. Investor scepticism about the plan and a cautious outlook for the year sent PSA shares tumbling as much as 5.2% to €21.57, the most in more than three months, after reporting annual earnings.
PSA, which is also expanding in India and Russia, already faces a struggle in China, where it lost €294m in 2018 and sales with partner Dongfeng Motor Group slumped by more than one-third. The company is making changes to its dealer network and introducing more popular sport utility vehicles, it said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WATCH: Goodluck sends their love from the snowy ski-slopesWATCH: Goodlucklive sends their love from the snowy ski-slopes DarrynLee (via Channel24Music )
Read more »
US existing home sales hit 3-year low in JanuaryTotal sales of single-family homes and apartments dipped 1.2 percent to an annual rate of 4.94 million.
Read more »
Rand stumbles as geopolitical tensions weighThe rand continued to weaken early on Thursday as geopolitical tensions abroad and uncertainty over the US-China trade deal subdued demand for emerging market currencies.
Read more »
Campbell Soup shares rise after beating earnings estimatesUS food producer’s net sales grow 24%, helped by acquisitions of Snyder’s-Lance and Pacific Foods
Read more »