PSA Peugeot Citroën boss Carlos Tavares will unveil his expansion plans for the firm on 5 April, under the working title of ‘Push to Pass’, having already achieved all of the goals he set when he joined the firm in 2014.
Tavares took the helm shortly after the Peugeot family ceded control of the company, including selling a substantial proportion to the Chinese Dongfeng Group in order to keep the company alive. That year PSA lost around £1.5 billion, although that was an improvement on the £3bn lost in 2012.
Tavares, a keen motorsport fan, put in place a strategy called ‘Back in the Race’, which targeted what PSA needed to achieve to compete with its rivals by 2018. Goals included a streamlined product line-up, expansion in key global markets, cost and efficiency savings in its plants and a clear definition of the Citroën, DS and Peugeot brands. A pick-up truck is expected to be announced shortly, too.
At the time, Tavares said he’d measure success against the firm’s cashflow and operating margins. His targets were smashed last year when PSA posted an operating margin of 5% (against a 2% goal) and profits of £950 million, the firm’s first year in the black since 2010.