France's Peugeot to enter Indian market

• Source: Xinhua
• [08:46 February 11 2011]
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Peugeot, part of the second largest European automaker, announced Wednesday it would enter the Indian market with both commercial and industrial operations. "The brand will produce, as a first step, a mid-sized sedan car. The future production site's location is currently under evaluation," Peugeot said in a statement.

Peugeot, a major French car brand, belongs to PSA Peugeot Citroen, Europe's second largest car maker and sixth biggest in the world. It recorded net income of 1.1 billion euros ($1.5 billion) in 2010.

The brand appointed Managing Director Rajesh Nellore to lead the group's Indian activities from Mumbai.

"India is a key market and this new implantation reflects our ambition to become a global player. As in China, we will offer Indian customers vehicles adapted to their expectations," said Gregoire Olivier, member of the managing board and Executive Vice-President for Asia. The PSA Group has announced three strategic ambitions: become more global, be a step ahead in services and products and reinforce its operational efficiency. It wants to expand the share of its sales outside Europe to 50 percent by 2015, compared to 39 percent in 2010.