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At Peugeot, New Boss Faces Stubborn Woes
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Philippe Varin faces some tough decisions when he takes over Peugeot-Citroen. Unlike the turnaroungd he achieved at Corus steel group where the booming demand from China for steel helped, this time the auto market in Europe is declining by about 30%. He has to navigate betwen the interests of the Peugeot family which has 45% of the voting rights, employees who are affected by the cost cutting, the French government which has required no closing of factories for as long as the company receives governement aid. Peugeot-Citroen received a low interest loan of 3 billion euros from the French government. Questions he will have to address, as do all auto manufacturers in the USA and Europe relate to overcapacity as demand declines. And for Peugeot this has to be tackled without factory closures. And the other major issue facing auto manufacturers worldwide is how much to focus on the fuel efficient small car segment. Peugeot has key strengths in this segment and Varin may decide on refocussing on this segment.
Is the U.S. automobile market becoming a maturing market like Japan and Germany?
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Are the fundamentals of the American market shifting and is the American market a maturing market like Japan and Germany. Did the carmakers create a bubble of their own in sales so that 17 million is a way way inflated number, inflated by incentives and sales to rental fleets, way beyond what the American market even with its better demographics can sustain?
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The April 2009 G-20 Docklands, London Summit and the constructive confrontation between American and European positions.
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The positions of both sides. The Europeans credibly calling for global regulations as non-negotiable, and the US credibly calling for larger stimulus spending now when it would have the greatest impact. And the tough negotiations ahead.
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