Peugeot announces huge losses and factory closure

PSA Peugeot-Citroen (to give the company its official title) has said it is currently losing £90 million per month and will close its big Aulnay factory near Paris and reduce output at its Rennes factory as well, with a total loss of 8,000 jobs.

The company is also burning its way through £150 million in cash per month, which is even more serious than the losses. As accountants like to say, "Profit is a concept, but cash is a fact"