PSA returns to profit, plans Indian expansion

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PSA returns to profit, plans Indian expansion

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PSA Peugeot Citroen returned to profit last year and the French carmaker said it is looking to India and other fast-growing emerging markets to compensate for flat sales in Europe.

Last year’s net income was 1.13 billion euros versus a loss in 2009 of 1.16 billion.

Europe’s second-biggest carmaker is going to build vehicles in India and is currently looking at several locations for factories.

It will give details of how much will be invested once plans are more clearly established.

The move is part of a bid to become more international – it wants 50 percent of its sales to come from outside Europe by 2015, compared with 39 percent last year.

Its shares fell. Analysts called the results uninspiring and pointed out PSA is lagging behind other carmakers in expanding outside Europe.