Word: citro
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...expiration date. When similar initiatives were launched in France and Italy in the early 1990s, Rhys says, "there was a big sag in the market when the scheme ended." That same prospect has angered some in the industry. Christian Streiff, boss of France's PSA Peugeot Citroën, warned such incentive schemes have an "inverse effect" - they essentially guarantee an implosion in the market once the subsidies stop. (See the best cars from the 2009 Detroit Auto Show...
Indeed, large industrial groups such as carmakers Renault and PSA (which makes Peugeots and Citroëns) are now responding to the massive slow-down in the auto sector by temporarily closing plants and imposing stored or anticipated time off on workers under their retained 35-hour schemes. That may not be how employees had planned to use their time off, but it beats being laid...
...Company results and announcements out today will further darken the picture. In France, for example, the country's two major automobile manufacturers - Renault, and the PSA group that makes Peugeot and Citroën cars - said they will temporarily close all their domestic factories this week, and have asked employees to stay away on paid leave in response to shrinking demand. Germany's Ifo Institute, meanwhile, said its primary activity index, which measures industry and trade activity, fell to a five-year low last month...
Italy has its Fiat 500, germany its VW Beetle and the Brits their beloved Mini. France's iconic cute car is the Citroën 2CV - the deux chevaux (two horse) car named after its minimal horsepower. The first 2CV rolled off the production line in 1948, and the car sold well until 1990, when the last of five million left the assembly line after its design fell out of kilter with E.U. safety regulations...
...Audi, Martin Winterkorn, 59, a Piëch loyalist. VW's financial prospects have brightened in recent months, and investors and industry officials fretted that Pischetrieder's exit could jeopardize the restructuring. "We see it as negative for VW," reckoned Credit Suisse analyst Harald Hendrikse. At France's Peugeot Citroën, Europe's second largest carmaker, Christian Streiff was appointed to succeed Jean-Martin Folz, 59, after he failed to reverse slumping sales. Streiff, 52, who has a reputation as a tough cost cutter, recently resigned as head of Airbus after just three months in the job. In Italy...