Page last updated at 07:32 GMT, Wednesday, 22 April 2009 08:32 UK

Peugeot Citroen sales drop by 25%

Peugeot
Peugeot Citroen has been hard hit by the global slowdown

Peugeot Citroen, France's biggest carmaker, has reported a 25% drop in sales in the first three months of the year, from a year earlier.

The fall "illustrates the full extent of the crisis being experienced by the automotive industry worldwide," the carmaker said.

The company also confirmed that it expects to make a loss in 2009.

Peugeot has announced 11,000 job cuts and sacked its chairman this year as it struggles during the economic downturn.

The company has also received a loan of 3bn euros ($3.78bn; £2.65bn) from the French government this year.

It lost 343m euros ($442.5m; £303.1m) in 2008, largely due to a dramatic fall in sales.

The global car market has been hit by a slump as consumers cut spending amid the economic crisis.



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