Exclusive: Peugeot CEO eyes positive cashflow by 2016 at latest
PARIS (Reuters) - PSA Peugeot Citroen expects to achieve positive free cash flow "no later than 2016," the troubled French carmaker's new Chief Executive, Carlos Tavares, said on Monday.
"I am very confident we can pursue the turnaround of the company," Tavares said. "We will come back to a positive cash flow no later than 2016. It may be 2015," he said, adding that it will be at that point of positive free cash flow that the company "will make an assessment" of where it will go in future.
Peugeot (PEUP.PA) is preparing to sell 14 percent stakes to Chinese partner Dongfeng Motor Group (0489.HK) and the French state in a 3 billion euro ($4.1 billion) share issue.
Tavares, a former head of operations at Peugeot's rival Renault (RENA.PA), was speaking to a press panel organized by French trade publication 7pm Auto in collaboration with Reuters, his first full interview since taking operational charge at Peugeot last month.
- China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan |
- Israel pounds Gaza despite international peace efforts |
- Train carrying MH17 bodies on final journey reaches Ukraine city |
- Islamic State crushes and coerces on march towards Baghdad
- EU threatens Russia with more sanctions, but words ring hollow