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French automaker opens third Chinese plant

PSA Peugeot Citroen, the unprofitable French automaker, opened a third assembly plant in China, expanding in the world's largest vehicle market even as a slump in European demand prompts it to cut jobs at home. Philippe Varin, the company's chief executive officer who flew in for the opening ceremony in Wuhan, said the plant will help the company capture 5 percent of the nation's market by 2015. The Citroen C-Elysee and the Peugeot 301 sedan will be among four models produced at the plant, opened with Dongfeng Motor Corp, which will increase the company's annual capacity by two-thirds to 750,000 units by the end of 2015, it said.

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