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PSA and Nissan both post losses

PSA Peugeot Citroen and Nissan have reported losses in their latest global financial results.

PSA saw a combined net loss of €962 million (£830m) in the first six months of this year compared to a profit of €733m over the same period last year.

Nissan posted a £104m loss for the period from April to June.

Revenues for the Japanese manufacturer were down by 30%.
Peugeot said sales for the first half of the year were down 22%, and that its losses would continue for the remainder of 2009.

Philippe Varin PSA chief executive said sales had only partially been helped by government scrappage schemes and does not expect European car sales to recover until the end of 2010.

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