PSA Peugeot Citroen SA aims to save EUR1.5bn in 2015

PSA Peugeot Citroen SA, a France-based automaker, has announced that its cost-cutting plan will save €1.5bn in 2015.

The company is looking at cost cutting because of decreasing vehicle sales and a price war in its core European markets, which resulted in net loss in the first half of 2012.

The company reported its net loss at €819m in the first half of 2012, compared to a profit of €806m in the same period in 2011.

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