CORRECTED - Citroen launches new small car in tough market
(Corrects to "version of the C3 sedan" from "version of the C5 sedan" in fourth paragraph)
NOGENT-SUR-MARNE, France, Sept 10 (Reuters) - French carmaker Citroen (PEUP.PA) on Wednesday launched a new small car model, the C3 Picasso, aiming to sell 110,000 vehicles a year from February 2009.
Managing Director Gilles Michel said the launch of the small model came at a time of market turbulence, but he was convinced its quirky design and low fuel consumption would make it a strong weapon for Citroen to fight the market decline.
"This new car, which is an entirely new model for Citroen, will allow us to maintain our goals of sales growth and profitability," he told reporters.
The C3 Picasso, a raised version of the C3 sedan, will be made at the Trnava plant in Slovakia.
The model will be pitted against the Opel GM.N Meriva, the Nissan (7201.T) Note, the Ford (F.N) Fusion and Renault's (RENA.PA) Grand Modus.
This market segment counted for 485,000 vehicles in 2007 in the EU-17 region, or western Europe.
The car is aimed at young couples with children and is being launched at a time when many European car markets are down, with sales turbulence expected to last until at least next year. (Reporting by Marcel Michelson; Editing by Will Waterman/Quentin Bryar)
