Peugeot maker PSA says prepared for plunge in car demand

As Peugeot-maker PSA prepares for a plunge in demand, the company says it has the funds to cope with a halving in auto industry sales this year

) has enough funds to cope with a halving in auto industry sales this year, the French carmaker said on Tuesday as it warned of a plunge in demand due to the coronavirus pandemic and said it would try to avoid tapping state aid if possible.

PSA said 90% of its staff were on furlough or partial unemployment schemes, which in France for instance are government-funded, but has so far not resorted to other forms of state aid. The group said it now expected auto sector sales to fall by 25% in Europe and Latin America this year, by 20% in Russia, and by 10% in China. But it added it had enough liquidity to deal with market decreases of over 50%.The French government has urged companies looking to tap state support to scrap or moderate dividend payments.

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