April 18, 2017 / 10:33 AM / 3 months ago

PSA Group needs deeper cuts in China, CEO says

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SHANGHAI, April 18 (Reuters) - PSA Group needs "a new business model" in China with "much more cost reduction", Chief Executive Carlos Tavares told reporters on Tuesday at the Shanghai auto show.

The Paris-based maker of Peugeot, Citroen and DS cars will have to find deeper cuts in purchasing, logistics and manufacturing to offset declining vehicle prices, Tavares said.

PSA Group will need more SUVs in its lineup to compete in the cutthroat Chinese market, Tavares also said, adding that an existing 20 percent savings goal for China will be "hard to achieve". (Reporting by Joseph White; Writing by Laurence Frost, editing by David Evans)

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