The rise of the euro knocked €567 million from PSA Peugeot Citroen's car division's profit, which reduced operating profit from €2.2 billion in 2002 to €1.3 billion last year. Although not pulling away from the fleet market, Folz said both Peugeot and Citroen would review their fleet business and PSA had already been successful in 'withdrawing from unprofitable parts of the market'.
He said the company was following a deliberate policy of being more selective in how it competed in some areas.
'This includes focusing on sales to the retail market, a segment in which our market share is higher than our overall position,' he added.
He said the group would voluntarily limit sales in the UK, because of the effect of the unfavourable exchange rate.