Car and cheap van making giant PSA Peugeot Citroën expects to post operating losses of between €1 billion (£855 million) and €2 billion this year as it continues to suffer falling car and van sales during the current economic recession.
Despite marketing and promotional spend, PSA Peugeot Citroën report that customers are buying fewer cars and vans. However, PSA Peugeot Citroën expect the European car and van markets to decline less than previously feared and anticipated.
Peugeot, the badge behind the Boxer van and Peugeot Bipper van, blamed falling sales, the rising cost of raw materials, poor exchange rates and the continued uncertainty over governmental support for the ailing car and van sector.
Citroën vans manufacture the Citroën Relay, Citroën Dispatch van and the small Citroën Nemo van.
