It is the most dangerous in the short term

Despite the show that surrounds each revelation of a new model, the leaders of the major manufacturers were clearly the head on the other hand, yesterday, days press of Paris Motor world. Accelerated degradation of large markets automobiles, beginning with the United States ( 27 in September), and the disturbing news of the banking sector tarnished the day clearly. On the stock market, major global manufacturers also lost an average 14 over the past eight sessions, the sector index Bloomberg falling to the lowest for three years.

"On the Peugeot and Citroën booths, that it is shown, it is a lot of our teams for several months." But today, my concerns are clearly different, concedes Christian Streiff, Chairman of PSA. My priorities, this is for example to guarantee our liquidity or to pay attention to our Bank PSA Finance subsidiary. It is not the first crisis I as industrial, but be plunged into such fog, this is new for me.

Attention to liquidity

The findings of the leader of the second European automaker is fully shared by his peers. "The current situation is like nothing of what is known so far", Carlos Ghosn, CEO of Renault and Nissan, moments after having unveiled its new Mégane analysis. "If the US market promises something for Europe, this will really go very wrong."

"Our sector risk financial serious, he added." It is not the economic crisis which worries me is the financial crisis. It is the most dangerous in the short term. "Several negative factors autoalimentent for a few months: a crisis of liquidity, high interest rates and a slowdown in several large markets motor. More credits become difficult to win for the customers and the problem is getting worse. And although malignant which can now predict the duration of the turbulence, believe two French patterns. Seen on the builders, an immediate reflex is necessary: "be very careful in its cash", according to Carlos Ghosn. At the time, the current "return in cause of investment", according to him. A lack of strike them plans, they can be shifted in time or suspended".

PSA also, "we watch every penny that we let", says Christian Streiff. In Europe, the current period lends itself poorly to a race for market shares. "We did not wanted attack the market as had planned it." In fact, the current turbulence warrant a strengthening of the strategic plan Cape Town 2010, Peugeot-Citroën for a year and a half. Christian Streiff including asked his directions to anticipate their respective objectives of lowering the cost of one year "at a discount to the square trade", and he wants to accelerate the reduction of delays in vehicle design. New goal House: lower the cost of development of 50 and not more than 30 as expected in Cape Town 2010. In vehicles, unveils, PSA prepares a new model at low prices for developing countries, scheduled for 2011-2012. This "entry vehicle" will be assembled in Latin America, China and Eastern Europe, in a country to choose between the Poland and the Turkey. No question at this stage, to import it in Western Europe.

In French factories, PSA adapts to the slowdown in the European market by partial unemployment, as Renault before him. This will suffice to preserve the continuity of the sites Not necessarily. "Never in the life I did myself on this point as did Mr. Ghosn", he says, by reference to the recent visit of Nicolas Sarkozy, on the future of Sandouville. "It is not part of the reflexes of an industrial.".