French carmakers hit by slack demand, strong euro

Newswire

By Rebecca Harrison PARIS, July 24 (Reuters) - Shaky European demand for new cars and a rampaging euro kicked first-half core profits lower at French carmakers PSA Peugeot Citroen and Renault and prompted them to nudge down key full-year targets. Europe's second-biggest carmaker PSA posted a slide in net and operating margins and cut its 2003 auto unit margin target to at least 3.7 percent from 5.0-5.2 percent previously. Renault saw an even sharper operating margin slide and inched ...

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