Fiat Cuts Spending as Peugeot Sells Assets as Sales Slump – Bloomberg

Fiat SpA (F) will cut investments in Europe by 500 million euros ($632 million) and PSA Peugeot Citroen plans to sell a larger stake in its trucking unit as the region’s automakers grapple with an extended market slump…

Peugeot, Europe’s second-biggest carmaker, plans to sell at least 50 percent of its profitable Gefco trucking unit, more than previously discussed, as it seeks to raise cash, Patrice Clos, a FO union representative and head of Gefco’s works council, said in a phone interview. Peugeot (UG) declined to comment.

The drop in European car sales accelerated in May to 8.4 percent, the eighth consecutive monthly decline, according to ACEA figures released today. Peugeot, Fiat and Renault SA have posted the steepest slumps in Europe this year, plummeting 15 percent or more in the first five months….

via Fiat Cuts Spending as Peugeot Sells Assets as Sales Slump – Bloomberg.

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