French president says Peugeot plan is unacceptable
President Francois Hollande says a new cost-cutting plan from PSA Peugeot-Citroen is unacceptable and must be renegotiated.
The struggling French carmaker unveiled a plan to slash 8,000 jobs and close a major factory in France on Thursday. In his Bastille Day interview Saturday, Hollande said the plan was a "shock" for workers, their families and their communities.
The president, who took office in May, said the government has asked an expert to assess Peugeot's finances and make recommendations for the company.
He added that the government was planning to offer incentives to French customers to buy French-made cars.
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