Peugeot Citroen revenues slump

Peugeot Citroen says its revenue continued to fall in the third quarter amid shrinking European car markets and production disruptions by workers protesting over a planned factory closure.

The French car maker said its revenue for the July-September period slumped 3.7% to €12.1bn . Peugeot Citroen’s car division sales fell 5.8% to €8bn.

In a statement the company blamed weak European markets as well as disruption to its Citroen C3 production line at a factory near Paris slated for closure. The company is in the midst of plans to shut factories and shed up to 8,000 jobs.

Peugeot Citroen's car sales revenue fell 7% in the nine months to the end of September to €26.7bn. For the full year, the firm expects the European market to decline 4%.

The company lost nearly half a billion euros in the first half of 2013, and had to get a €572m lifeline from the French government.

The company is also being forced to sell assets to help fund its restructuring programme as it struggles to compete in Europe’s morose car market.