PARIS (Reuters) -- PSA/Peugeot-Citroen today unveiled a 3 billion euro ($4.1 billion) capital tie-up with China's Dongfeng Motor Group and said the cash injection would buy time for a recovery after the company posted a further loss for 2013.
Dongfeng and the French state will each pay 800 million euros for 14 percent of the carmaker to match the founding Peugeot family's reduced holding, PSA said today in a statement, confirming earlier reports.
PSA said its full-year net loss narrowed to 2.32 billion euros from 5.01 billion in 2012, when the bottom line was hit by asset writedowns. Sales fell 2.4 percent to 54.09 billion euros.
The company unveiled new goals for its partnership with Dongfeng but warned that it may not halt losses until 2016 -- a year later than initially promised.