March 3, 2014 / 11:12 AM / in 4 years

EXCLUSIVE-New Peugeot boss may seek more cost savings after 2016

PARIS, March 3 (Reuters) - French carmaker PSA Peugeot Citroen may seek more cost savings after 2016, on top of the 1.5 billion euros ($2.1 billion) of annual savings it already plans to achieve by the end of 2015, new Chief Executive Carlos Tavares said on Monday.

“I am not the kind of guy to stop at the objective just because he has reached the objective,” he said in answer to a question about whether he saw further cost saving opportunities. “We’ll see in 2016 ... If we have the opportunity to go beyond, why should we stop.”

Peugeot is preparing to sell 14 percent stakes to Chinese partner Dongfeng Motor Group and the French state in a 3 billion euro ($4.1 billion) share issue.

By the end of 2013, the company had already found about 900 million euros of cost savings.

Tavares, a former head of operations at Peugeot’s rival Renault, was speaking to a press panel organised by French trade publication 7pm Auto in collaboration with Reuters, his first full interview since taking operational charge at Peugeot last month.

$1 = 0.7240 euros Reporting by Andrew and Gilles Guillaume; Editing by Brian Love

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