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BREAKING NEWS

PSA Peugeot Citroen plans to boost investment

FRENCH carmaker PSA Peugeot Citroen plans to increase its investments in Slovakia by €357 million (Sk13.5 billion) from its original pledge of €700 million (Sk26.4 billion).

FRENCH carmaker PSA Peugeot Citroen plans to increase its investments in Slovakia by €357 million (Sk13.5 billion) from its original pledge of €700 million (Sk26.4 billion).

The increase would directly result in another 1,800 job openings at the Peugeot plant in Trnava, adding to the original estimate of 3,500, and would create around 9,000 additional jobs in the supplier network, reported the economic daily, Hospodárske noviny. Peugeot car production would thus increase from an estimated 300,000 to 450,000 per year by 2009, making it Slovakia's biggest car producer.

South Korean carmaker KIA plans to produce 300,000 vehicles per year at its new plant near Žilina, while Volkswagen's Bratislava plant plans to reach the same level within the next few years.

The French carmaker's increased investment would also result in higher state incentives. According to the economic daily, the Slovak cabinet has discussed them but will not release any further information.

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