Peugeot sales fell 16% last year
French carmaker PSA Peugeot Citroen has reported a net loss of 5bn euros ($6.7bn; £4.3bn) for 2012.
The loss was mainly due to asset write-downs, but the company also blamed a collapse in sales in Europe.
Last week the carmaker wrote down the value of its assets by 4.1bn euros, in what it described as an “accounting adjustment”.
In 2011, Peugeot made a 588m euro profit, but still embarked on a 1bn euro cost-cutting programme.