French car manufacturer PSA/Peugeot Citroen has reported a 1.16bn euro ($1.6bn; £1.02bn) loss for 2009.
However despite the massive loss there was some good news in the figures in that although there was a loss of 962m euros in the first six months of the year, they only lost 199m euros in the second half thanks to the effect of the scrappage deals.
No one was getting carried away however as the company predicts continued tough times for the car market in 2010 as many government backed schemes come to an end.
The company said they expect European car sales to be down by 9%, but the Chinese market – now the biggest car market in the world – will continue to grow strongly in the coming year.
“Our financial results for 2009 show a much improved performance in the second half, but still reflect the severity of the crisis affecting the automotive industry,” commented Philippe Varin, Peugeot Citroen’s chief executive.
Peugeot Citroen sales for the year were down more than 10% at 48.4bn euros – but this was slightly better than analysts’ expectations.
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