April 11, 2013 / 9:41 AM / 5 years ago

Peugeot CEO sees no market improvement this year - paper

PARIS, April 11 (Reuters) - PSA Peugeot Citroen expects the European auto market to shrink about 5 percent to the lower end of its earlier forecast, Chief Executive Philippe Varin told Frankfurter Allgemeine Zeitung.

Paris-based Peugeot has seen a worsening of European market conditions in the month since it predicted a decline of between 3 and 5 percent, Varin told the German daily in an interview published on Thursday.

“The market will turn around at some point, but no longer this year,” the CEO was quoted as saying.

The carmaker’s move to develop its Citroen DS line of cars as a separate brand will be extended beyond China, where it is already underway, Varin added, elaborating on plans outlined in February.

“The Citroen brand will be split up,” he said. (Reporting by Laurence Frost; Editing by Clelia Oziel)

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