Dixie House Cafe

Can I ask a pay day loan of sort of subsidiary, just quick questions on that topic. Thirdly, can you just give us a reminder as to what the profitability of your diesel cars is relative to gasoline cars. Has there been an equalization there on a per car basis.

Can you give us some sort of equivalent for Peugeot and Opel, in other words, by 2020 how much is your cost of sales going to have to go up for all the added cuts that are going to have to put in pay day loan vehicles.

As you may understand, this is something that we need to rigorously respect, as we are between the signing and the closing of the acquisition deal of Opel, it is not in my power to talk about Opel today, at least not in the precise terms that you would like me to answer your question, and I would like you to accept my apologies for not answering this question, but I will answer your question about all the PSA Group activities, telling you that to the best of our knowledge there has not been any visits to our premises in Germany.

We have not been contacted by any German administration for the topic that you have mentioned and we feel quite relaxed on this matter, but of course as always our attitude would be to be cooperative and transparent as we have always been, as you know that we have taken many, many initiatives with the NGOs to be transparent and to make sure that our customers understand that we are working for them and we are making our best efforts to gain their trust.

In terms of technology, this has been a very significant investment from our head of engineering, explaining in many, many situations, the edgy technology that we have with the SCR pay day loan, all the experts in the industry recognize that our SCR is the leading technology on this matter. This is the technology that we are using, on top pay day loan that as you know well, we have a technology that pay day loan us a wide range of efficiency in terms of temperature and this may be a distinctive against other technologies, so this is something that we have been extensively explaining.

It has been well received by all the experts in terms of technology and we have been making sure through our partnership with a transparent and environment NGO. We have been making sure that everybody understands that we are here transparent and willing to gain and protect the trust of our customers. In terms of mix, of course we have been seeing a significant shift in the mix between diesel and petrol. This is something that of course you see like we do. We have been able, thanks to the agility of the company, we have been able to manage this mix and make sure that our customers get the engines that they would like to have from us.

Not only we have been very, very agile in our French plants, but where there is need to do so because the shift is bigger than what anybody could have predicted. Then we are able also to source some of those engines from other manufacturing points in the world so that we keep our customers happy in terms of supplying the engines that they would like to have.

Finally, I think you had a question about the profitability, if I understand properly, of diesel against petrel. You were addressing the additional cost of Euro VI, of course there is one and we need to recognize that there is one. This is the reason why we need to be so dynamic in terms of pushing cost reductions all over the place. This is also the reason why it is so important to be able to convey to the final consumer the value of what we do because of course having a good transaction price always help to be facing these challenges.

But as you have seen from the presentation, we are delivering the ex-works cost reduction that we want to deliver in the plant. And when something happens like regulations or raw material cost increase, the mindset of the executive team is to consider that of course this is a headwind, but it needs to be overcome with other ideas and more creativity on the way we do business. This is how we face it.

Future will say, if we were successful or not, but you can of course look at the track record of the team over the last four years and see some of the results of this mindset.

I have a first question on the 3008, please. Remind us how many 3008 you have not been able to produced because of the reconcile issue and comment as well on the relative success of the product in Europe and China. Second question is on the prospects of your cost production when we get into 2018, 2019. You have achieved most of the target already and markets may not be as supportive as it has been in the last three years in years to come.

So, can you update us on what can be done. And I have one last question concerning EBITDA. Thank you for your thoughtful questions. Let me come back to the 3008 question. First of all, I would like to tell you that for the 3008 SUV we have accumulated 159,000 orders since the launch of this product. We are at 111,000 registrations since the launch. And of course, we have a significant order book that we are happy with. We have taken significant decisions in terms of duplicating tools by our suppliers.

So we believe that we have not lost a significant amount of orders even though we are of course scrutinizing the rate of customers that finally do not accept to wait for their car.

This is something that of course we are scrutinizing every day. I can tell you that we are now ready with more shifts and more tooling by our suppliers. I think it would be rather the opposite given the challenges that we have been facing.

Secondly, you are talking about cost and you are absolutely right. This is not only one of the biggest challenges of the automotive industry. People tend to think that cost reduction is something that you do in a given time window. Then after you do a big push on cost reduction you can have a break.

This is absolutely wrong. Cost reduction is like quality, it never ends. You never end the work on improving quality and you never end the work in reducing cost. So, this is the mindset in which we are cost reduction is a must, cost reduction never ends. And I would like to remind you that, one of the big criticisms that we have been receiving over the last three to four years. Many of you perhaps not you specifically Mr. Besson, but many of you have been challenging the fact that our sales volumes are not growing enough, et cetera, despite the fact that every, every year since 2013, the volumes of the PSA Group have been growing every year.

But the challenge which is fair has been say, well, you could have grown more, fair enough. But reversely, what we can say is that while the volumes were not growing extraordinary, we were delivering on our commitments in terms of cost reduction. We know that payday loan online we have specific way of doing this.

The reason being that we have good business to do so to trigger more profitable business and we are doing this now that our engineering division has made significant improvements in terms of efficiency. So can you explain why this is particularly high this year. Is there a huge pipeline of products that we are not necessarily aware of in the next couple of years. Is the 120 products Push to Pass that we see being currently capitalized.

Thomas, there is absolutely no change to our usual rules which means that we are affectively in terms of where is project, the status of the project. We are preparing also for India. So it also covers this Push to Pass actions of putting some seeds in regions to create profitable growth in the second part of the plant.