French car group PSA Peugeot Citroen says it expects to cut 11,000 jobs throughout the world in 2009 after reporting net losses of €343m in 2008.
Announcing the results, chief executive Christian Streiff warned of more losses in 2009. Group turnover in 2008 was down 7.4% to €54.4 billion. The 2008 losses compare with
2007's €885m profit.
Streiff warned that the first half of 2009 would be particularly difficult, but added that the company was aiming to move back into profit in 2010.
On Monday the group welcomed a decision by the French President Nicolas Sarkozy to lend the group €3 billion, part of a €6.5 billion state aid package to French car makers. But yesterday the European Commission said it had concerns about the French plan.
