PSA Peugeot-Citroen cutting around 10,000 jobs

PSA Peugeot-Citroen is the Europe’s second largest auto firm and they have just announced their plans to cut as many as 10,000 jobs.

This amounts to around 7% of their entire European workforce. In addition, the company is also imposing a hiring freeze as they aim to cut costs to counter the effects of falling sales.

PSA Peugeot-Citroen added that they are aiming to cut costs by around $158 million in the second half. Part of this plan is to stop the construction of their factory in Slovakia.

This is just the latest example of how the European companies are working on plans to counter the challenge provided by Asian automobile companies, which are increasingly dominating this market.

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