Arab Today, arab today peugeot to reveal full extent of losses
Last Updated : GMT 08:44:25
Arab Today, arab today
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Peugeot to reveal full extent of losses

Arab Today, arab today

Arab Today, arab today Peugeot to reveal full extent of losses

Paris - AFP

French carmaker Peugeot is to reveal the full extent of its losses on Wednesday amid growing concern for France\'s crucial auto-making sector after the firm announced 8,000 job cuts. President Francois Hollande\'s new Socialist government, which has attacked Peugeot\'s strategy and called the cuts \"unacceptable\", will also unveil a recovery plan it hopes will salvage the country\'s troubled car manufacturers. PSA Peugeot Citroen is due to release its first-half results around 0530 GMT wednesday and outline its restructuring plans after this month announcing job cuts that include ceasing production at its historic Aulnay plant north of Paris. The decision sparked fierce anger among France\'s powerful unions and dealt a blow to Hollande\'s efforts to get the economy back on track, amid concerns the country might be heading for a recession after an expected contraction in the second quarter. Unions representing workers at the Aulnay plant have called for a protest at Peugeot\'s Paris headquarters on Wednesday. Peugeot, France\'s largest carmaker and the second-largest in Europe after Germany\'s Volkswagen, has admitted struggling with falling European sales and has warned already that it suffered a net loss in the first half. The carmaker, which employs 100,000 people in France, is a key symbol of the country\'s industry and its problems highlight France\'s difficulty in competing with rivals with lower labour costs. Hollande\'s government has lashed out at Peugeot over the cuts, with Minister for Industrial Renewal Arnaud Montebourg saying he had a \"real problem\" with the company\'s strategy and did not have confidence in its management. Company Chairman Thierry Peugeot said last week the attacks have put PSA in a \"dangerous\" position and France\'s right-wing opposition has accused the government of creating a toxic business atmosphere that threatens the economy. The government is to announce measures to help the auto industry after a cabinet session on Wednesday. Without providing details, Montebourg last week said the measures would include \"mass support\" for environmentally friendly vehicles but would not include a government-sponsored scrappage scheme to boost sales in France. The government has also assigned an expert to look into Peugeot\'s finances, who is to report by the end of the month.

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