PSA Peugeot Citroën headquarters : 75 avenue de la Grande Armée, Paris 16th arr., France
(Photo credit: Wikipedia)
By Lori Hinnant – The extent of the European car industry‘s troubles was laid bare Wednesday (Oct 24), when France’s government tossed a financial lifeline to the continent’s No. 2 automaker, Peugeot Citroen, and Ford said it would shut a plant in Belgium, cutting 9,500 jobs.
The problem is the region’s carmakers are selling too few cars in Europe, where the financial crisis has caused demand to dry up, and have too many factories. Even Germany‘s automakers, which had weathered the economic downturn relatively well, are not immune.
“The actions that should have been taken three years ago are starting to be put into place,” said Tim Urqhart, senior analyst at IHS Automotive. more> http://tinyurl.com/9z7urga
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