This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8173807.stm

The article has changed 4 times. There is an RSS feed of changes available.

Version 1 Version 2
Woes continue for world carmakers Woes continue for world carmakers
(40 minutes later)
Carmakers PSA Peugeot Citroen and Nissan have both reported substantial losses in the face of continuing declines in global vehicles sales.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.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).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%.Honda also reported results on Wednesday. While it avoided a quarterly loss, its profits fell 96%.
'Severe' conditions Limited scrappage impact
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.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. A number of European governments have introduced scrappage schemes
The firm sacked former chief executive Christian Streiff in March. Its chief executive, Philippe Varin, said sales were "only partially" helped by the introduction of government scrappage schemes, which offer cash incentives for owners of older vehicles to trade them in for new cars.
The company does not expect European car sales to recover until the end of 2010.
Peugeot sacked former chief executive Christian Streiff in March.
'Severe' conditions
Nissan's quarterly loss compares with a profit of 52.8bn yen a year earlier. Its revenues were down 36%.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.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".Koichi Kondo, Honda's executive vice president, said conditions in the global car market remained "extremely severe".
However, the company does now predict a slow recovery in the marketplace, and has upgraded its annual profits forecast as a result.
Honda now expects to make a net profit of 55bn yen for its financial year to 31 March 2010. Three months ago it had forecast an annual profit of 40bn yen.