PARIS (Reuters) – With question marks over senior management and sales tumbling, PSA Peugeot Citroen’s enduring silence on strategy raises the prospect it may not survive the worsening car sector crisis in its current form. The auto manufacturer, number two in terms of sales in Europe behind Germany’s Volkswagen, has faced a string of difficulties in recent months and more bad news is expected as economic conditions deteriorate.
“The group is no longer communicating; we’re seeing PSA shut itself off in complete isolation, and that does not inspire confidence,” said Eric-Alain Michelis, auto sector analyst at Societe Generale Corporate & Investment Banking. “We don’t get the impression that (Chief Executive) Christian Streiff is back operating at 100 percent. In the circumstances, we would like to see a manager working at 120 percent of his capabilities,” he said.
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