Xinhua - French leading car maker PSA Peugeot Citroen expected a "significant loss" of its key automotive division during the second half of the year, the group said on Wednesday.
"We will have a significant loss in the second half with a negative cash flow," Philippe Varin, CEO of PSA told economic affairs committee of the National Assembly.
Varin did not give accurate figures but added that the French group expected it would save 800 million euros (1.03 billion U.S. dollars) next year by cutting thousands of jobs across Europe.
Last month, the group announced a plan to cut around 6,000 non-production posts in Europe, which means 10 percent of the non-production workforce would be affected.
In France, the group wanted to slash 4,000 posts in production, research and development and marketing this year.
The company, France's No. 1 car maker, saw sales of its automotive division, its pillar sector, fall 1.6 percent to 9.3 billion euros (12.07 billion dollars) in September due to price competition and loss in production volume.
