DNFGY Dongfeng Motor Group Company Ltd (PK)

By Blandine Henault and Inti Landauro

PARIS--French car maker PSA Peugeot Citroen (UG.FR) plans to launch a series of new cars in 2016 and enter new markets once its "back in the race" recovery plan is completed, Chief Executive Carlos Tavares said Monday.

"From 2016, we will reap the fruits of everything we did over the past few years in terms of investment and we will undertake... a strong new-product offensive that will last three or four years," Mr. Tavares said in an interview with local radio BFM Business.

Peugeot, Europe's second biggest auto manufacturer after Germany's Volkswagen AG, plans to expand in new countries, focusing on emerging economies, he said. Peugeot's main markets for now are Europe and China.

The French group's current restructuring plan is based on improving the operating profit margin of its car-making activities to 2% by 2018 and generating 2 billion euros ($2.3 billion) in free cash flow between 2015 and 2017.

Peugeot said on Monday that sales over the first eight months of the year fell 1.6% to 1.9 million units compared with the same period a year ago. Sales fell 17% in China and Southeast Asia in August and 19% in Latin America from the same month last year, while sales jumped 14% in Europe where the car market is rebounding.

Write to Blandine Henault at blandine.henault@wsj.com and Inti Landauro at inti.landauro@wsj.com

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(END) Dow Jones Newswires

September 14, 2015 04:10 ET (08:10 GMT)

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