Careful driver

5 April 2016 By Olaf Storbeck

The French carmaker’s conservative short-term targets have disappointed. Yet CEO Carlos Tavares is probably just being realistic. It’s a sharp contrast with the bullish goals of Fiat boss Sergio Marchionne. Despite the differences, both are heading towards the same place.

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PSA Peugeot Citroen outlined plans on April 5 to return to consistent sales growth as the French carmaker seeks to build on its recovery from near-bankruptcy to healthy profit.

Chief Executive Carlos Tavares said the company aims to maintain a slightly lower average operating margin in its automotive business of 4 percent over the next three years, reflecting stiffer currency and market headwinds, before lifting operating profit to 6 percent of sales by 2021.

The carmaker also pledged a 10 percent increase in group revenue by 2018 and a further 15 percent by 2021. Shares fell 6 percent to 13.79 euros by 0950 BST.

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