French automaker PSA Peugeot Citroen has a plan to add 26 new cars, eight new commercial vehicles, and a pickup truck to its lineup. Included in that plan will be seven plug-in hybrids and four EVs.
PSA Peugeot Citroen is looking to increase profits following a bailout two years ago. The company is Europe’s second largest car company, trailing only Volkswagen Auto Group.
The plan calls for a new vehicle to launch every year for each of its three brands. The as-yet-unnamed plug-in hybrids and EVs will be a focus, as will connectivity tech.
A long slide in the European market helped push PSA into needing a bailout, and while the market has recovered, it might not get back to the level it was at before the European sovereign debt crisis. This is why PSA has plans to expand into the Chinese and Middle Eastern markets.
With a larger shift towards more electrified vehicles underway, the 11 new electrified vehicles planned will likely be a key a part of the overall PSA strategy for growth.
Details on the new vehicles are sparse, but adding 35 new or redesigned vehicles is an ambitious goal. So is PSA’s stated goal of an operating profit of 6 percent of sales by 2012.
“Based on our financial reconstruction, we will launch a global product and technology offensive,” PSA CEO Carlos Tavares said in a statement. “We will ensure PSA profitable organic growth.”