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Woes continue for world carmakers | |
(about 2 hours later) | |
Carmakers PSA Peugeot Citroen and Nissan have both reported substantial losses in the face of continuing declines in global vehicles sales. | |
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. | |
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. |
Nissan's quarterly loss compares with a profit of 52.8bn yen a year earlier. Its revenues were down 36%. | |
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". |