PSA Group warns European car industry faces 25% sales slump this year
French carmaker PSA warned the European auto industry was facing a 25 per cent drop in sales this year as it cut marketing costs by 90 per cent and slashed staff levels.
The owner of the Peugeot, Opel and Vauxhall brands has also stress-tested for a sales drop as severe as 50 per cent in 2020, which would be the biggest annual fall since the 1970s.
The carmaker is in the middle of thrashing out a merger agreement with Italian-American group FCA.
Find out more: Financial Times