Peugeot judders to a halt with slump in sales
11 April 2012
Carmaker Peugeot Citroën today reported a 7.7% slump in revenues as it continued to feel the pain of the global recession.
Revenues tumbled to 11.78 billion (£10.7 billion) in the third quarter although it managed to increase its market share in Europe from 12.9% to 13.4% as rivals also struggled.
The stock of cars on its books was down 36% since the start of the year to 400,000 as it slowed production and flogged vehicles already made.
It underlined the crisis facing the car industry as the downturn in the economy saps demand for new motors around the world.
Many countries, including the UK, have launched scrappage schemes to get drivers to trade in old cars.
