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PSA to move Peugeot brand upscale as part of restructuring plan

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PSA to move Peugeot brand upscale as part of restructuring plan

PSA Peugeot Citroen announced plans to move its Peugeot brand upscale to help the automaker return to profit.

Peugeot cars will be upgraded to stand out from Citroen models and average output will double through the carmaker’s alliance with GM, CEO Philippe Varin said today.

“The Peugeot brand will move toward a more modern image. In 2013, the positioning of our brands will be supported by a very rich range of products and 17 vehicle launches,” Varin was quoted as saying by Automotive News Europe. However, this doesn’t mean Citroen will become a low-cost brand, he added.

Europe’s second-largest carmaker plans to raise the number of premium-marketed vehicles from the 18 percent of total deliveries last year. Company CFO Jean-Baptiste de Chatillon said Peugeot has been charging more for its vehicles this year, with pricing expected to remain stable in 2013.

PSA’s 2012 net loss reflected 4.74 billion euros in write-downs and mounting industrial losses as the company’s European car sales fell. Losses at PSA’s auto division increased to 1.5 billion euros from a 92 million loss a year earlier, with group revenue falling 5.2 percent to 58.4 billion. Varin said PSA’s recovery plan is on track after the carmaker achieved savings of 1.18 billion euros, exceeding its 1 billion goal.

Source: Automotive News Europe

by Dan Mihalascu (my Google+) - Wednesday, February 13th, 2013 - filed under Citroen, Industry, News, Peugeot. Image credit: .
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