Peugeot outlines major recovery plan

Struggling French carmaker PSA Peugeot Citroen has announced a major recovery plan after recording net losses of 7.2 billion euros ($10 billion; £5.9 billion) 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 per cent to 13.08 euros. In February, Peugeot agreed a long-awaited rescue deal with the French government and China's Dongfeng Motors, according to a news agency.