PSA hopes for better days, according to CEO image

The second largest car manufacturer in Europe tries to see the light at the end of the tunnel and chief Philippe Varin gives investors hope for better times.

According to the PSA CEO, talking to French journal Le Parisien, the worst could be over, as he considers the sales have reached the bottom – at least in the important home market.

PSA Peugeot-Citroen should now gain back the market share in France in the last quarter of the year after sales fell sharply in August not just in France, but all over Europe’s biggest markets.

“I predict that the group will post a gain in market share in the last quarter thanks to the innovations we are launching,” Mr. Varin was quoted by the paper as saying.

Registrations of new cars in France made by Peugeot fell 17% year-on-year in August, with the French automaker losing market share to rival Renault SA as their home market contracted sharply after showing signs of stabilizing in July.

Since PSA, unlike, for example, Renault and Volkswagen is heavily dependent on the European business, the carmaker is currently just like the region, deep in the red zone. After closing plants, cutting jobs and seeking financial help from the state, the French have high hopes and expectations for their compact Peugeot 308.