Car companies highlight sector problems

Thu, 12 Feb 2009



Two of the largest car companies in Europe revealed a collapse in sales this week, with the unexpected losses further evidence of just how badly damaged the car and car finance sectors are.

Volkswagen and Peugeot saw plunging new car sales during January. PSA Peugeot Citroen saw a massive cost from cutting production. With an estimated 20 per cent fall in sales, the company has determined to lower production by the same level.

The French government has already pledged to help Peugeot and Renault . The French European Affairs Minister, Bruno Le Maire, was reported in the news as saying: "It is not protectionism. It is defending our industry and defending our jobs. I think this is the least one can expect from the government when faced by this crisis."
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