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Industry: Construction
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Industry: Construction
Location: Dubai, UAE
Car plant construction cancelled after Peugeot slump
by ArabianBusiness.com staff writer on Saturday, 07 October 2006
French car manufacturer, Peugeot, has cancelled the construction of a second assembly plant at its Trnava plant in Slovakia in a bid to cut costs amid a slump in sales.
The company had budgeted US $444 million (SKK13.1 billion) for the project, which was planned for a new model to
be launched in 2010. Assembly will now take place at the existing facilities, saving $254 million.
In July, Peugeot blamed rising raw materials costs, weak European sales and fierce competition from Asia for a 60% plunge in profit in the first half of this year.
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