Asked if the group planned to compete with Japanese manufacturers by launching petrol-electric cars, Michel said: 'We don't have a plan to make a full hybrid available.
'We have looked at these technologies and their potential, but our vision is for our products to take a more realistic approach.
'We think there is no technological solution at present that makes the hybrid a viable and economic proposal. Building a prototype hybrid is 100 times more expensive than a current car and we believe the cost of producing a hybrid is still more than 10 times greater. Other companies may make a different choice, but PSA is not in the business of subsidising technological innovation.'