PSA Boss Varin: We Are Not In An Emergency

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

PSA boss Varin does not rule out anything with a view to the entry of the Chinese partner Dongfeng. You will take the time you need, said the manager.

The ailing carmaker PSA Peugeot Citroën does not see itself under pressure in its negotiations about a possible entry of the Chinese partner Dongfeng. "We are in no financial emergency," said PSA boss Philippe Varin in an interview with the daily newspaper "Die Welt" (Saturday). "So we can take the time we need to define the best industrial project for our future."

In principle, a stronger cooperation with Dongfeng is a sensible idea, emphasized Varin. “We're currently looking at different ways we can take the partnership to the next level. I'm not ruling out anything."

Don't upset GM

PSA will not do anything that would upset the US partner General Motors (GM), said Varin. The two partnerships worked independently of each other. In the past few weeks, rumors had accumulated that PSA could face a capital increase. Accordingly, both Peugeot's Chinese partner Dongfeng and the French state could stock up on new PSA shares.

According to unconfirmed media reports, it is a volume of up to three billion euros, with which the French want to finance their future projects. (dpa)