France's PSA eyes 15 pct growth in revenue by 2021

France's leading automaker PSA Peugeot Citroen group on Tuesday unveiled a "Push to Pass" growth plan with which it targets to expand revenue by 15 percent over the 2016 to 2021 period.

"Based on frugal research and development expenditure and rigorous control over production costs as well as fixed costs," the group's new road map aims at raising revenue by 10 percent by 2018 and 15 percent by 2021.

Peugeot said it was working to maintain an average recurring operating margin of four percent over the next three years before boosting profitability to six percent of sales by 2021, according to the group's statement.

Under its strategy, the French car maker targets to introduce multi-brand offers "leading to the launch of one new car, per region, per brand and per year," including seven plug-in hybrids and four electric vehicles.

"Based on our financial reconstruction, we will launch a global product and technology offensive. Now more agile, we are ready to shift paradigms by anticipating changes in car usage patterns," said PSA chairman Carlos Tavares in the statement.

"Our digital transformation will make the PSA Group a company connected to its customers. With 'Push to Pass', we will ensure PSA profitable organic growth," he added.

In 2015, the PSA said it returned to profit thanks to cost cuts and demand recovery mainly in European markets.

It posted a net profit of 1.2 billion euros (1.36 billion U.S. dollars) last year erasing a 555-million-euro loss reported in 2014. (1 euro = 1.14 U.S. dollars) Endit