Peugeot sets profit goal for recovering auto division

PARIS, April 14 Mon Apr 14, 2014 1:47am EDT

PARIS, April 14 (Reuters) - PSA Peugeot Citroen pledged to achieve a 2 percent automotive division operating margin in 2018 as new Chief Executive Carlos Tavares outlined a recovery plan for the struggling French carmaker on Monday.

Peugeot will cut costs and reduce its number of models to restore profitability from a loss of 1.042 billion euros ($1.45 billion) at the core manufacturing division last year, or 2.9 percent of sales, the company said in a statement. ($1 = 0.7201 Euros) (Reporting by Laurence Frost; Editing by Andrew Callus)

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