The recovery plan is about "finalising" Peugeot's turnaround, says new boss Carlos Tavares
Struggling French carmaker PSA Peugeot Citroen has announced a major recovery plan after recording net losses of 7.2bn euros ($10bn; £5.9bn) over the past two years.
The plan includes cutting costs and slashing the numbers of models in its range from 45 to 26.
However, Peugeot shares dropped sharply on the news, down 4.46% to 13.08 euros.
In February, Peugeot agreed a long-awaited rescue deal with the French government and China's Dongfeng Motors.
Narrower focus
Under the new plan - called "Back in the Race" - Peugeot will focus on its Peugeot and Citroen brands, and also develop its upmarket DS marque.
This will include gradually reducing its existing product range from 45 to 26 models by 2020.
"We are going to focus the creative power of our teams on a more limited number of products that people want to buy," said new chief executive Carlos Tavares.
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