Peugeot Citroen reveals record loss

The French manufacturer of automobiles and motorcycles, Peugeot Citroën (PSA), has reported a net loss of €5 billion in 2012, the worst result in their history. PSA, the largest car manufacturer in France, attributed the losses to dependence on European markets that are in crisis and a depreciation of its assets. Revenues decreased 5.2% to €55,400 million. Peugeot’s problems highlight the current misfortune of several carmakers in Europe.