Auto group Peugeot Citroen slashes 8000 jobs | autos | Hindustan Times
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Auto group Peugeot Citroen slashes 8000 jobs

French auto group PSA Peugeot Citroen said on Thursday it would cut 8,000 jobs in its domestic operations as a sharp downturn in the European market led to a loss in the first quarter.

autos Updated: Jul 12, 2012 11:56 IST

French auto group PSA Peugeot Citroen said on Thursday it would cut 8,000 jobs in its domestic operations as a sharp downturn in the European market led to a loss in the first quarter.

PSA, France's biggest carmaker and second in Europe to Germany's Volkswagen, said it expected the European market to shrink 8.0% this year and had to adjust its business in the face of a worsening outlook.