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Peugeot Citroen plunges into loss Woes continue for world carmakers
(about 2 hours later)
France's biggest carmaker, PSA Peugeot Citroen, has reported a six-month loss after its sales fell by more than a fifth compared with a year earlier. Carmakers PSA Peugeot Citroen and Nissan have both reported substantial losses in the face of continuing declines in global vehicles sales.
The firm made a net loss of 962m euros ($1.4bn; £830m) between January and June, compared with a profit of 733m euros for the same period in 2008. Peugeot, France's biggest car firm, made a net loss of 962m euros ($1.4bn; £830m) between January and June. A year ago it reported a profit of 733m euros.
Sales were down 22%, and the company warned that losses would continue for the remainder of the year. Nissan's net loss for the April to June quarter was 16.5bn yen ($170m; £104m).
Honda also reported results on Wednesday. While it avoided a quarterly loss, its profits fell 96%.
'Severe' conditions
Peugeot said its sales for the first half of the year were down 22%, and that its losses would continue for the remainder of 2009.
It does not expect European car sales to recover until the end of 2010.It does not expect European car sales to recover until the end of 2010.
The firm sacked former chief executive Christian Streiff in March.The firm sacked former chief executive Christian Streiff in March.
Global car sales have fallen sharply over the past year as consumers have cut back on spending in the face of the worldwide recession. Nissan's quarterly loss compares with a profit of 52.8bn yen a year earlier. Its revenues were down 36%.
Peugeot said it expected industry-wide European sales to drop 12% this year. Honda's quarterly profit, also for the April to June quarter, was 7.6bn yen, down from 173.4bn yen last year. Its revenues were 30% lower.
Koichi Kondo, Honda's executive vice president, said conditions in the global car market remained "extremely severe".