PARIS (Reuters) - PSA Peugeot Citroen (>> PEUGEOT) pledged to achieve a 2 percent automotive division operating margin in 2018 as new Chief Executive Carlos Tavares outlined a recovery plan for the struggling French carmaker on Monday.
Peugeot will cut costs and reduce its number of models to restore profitability from a loss of 1.042 billion euros (866.13 million pounds) at the core manufacturing division last year, or 2.9 percent of sales, the company said in a statement.
(Reporting by Laurence Frost; Editing by Andrew Callus)