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Daimler, PSA Cut Prices in Switzerland
Daimler AG and PSA Peugeot Citroen have lowered vehicle prices in Switzerland to offset a surge in the Swiss franc against the euro, Bloomberg News reports.
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Daimler AG and PSA Peugeot Citroen have lowered vehicle prices in Switzerland to offset a surge in the Swiss franc against the euro, Bloomberg News reports.
Daimler's "currency rebate" is 18% off the list price for its Mercedes-Benz and Smart cars. PSA is offering rebates of 1,000 Swiss francs (€990) on Peugeot cars and 1,500 francs (€1,485) on commercial vehicles sold in Switzerland.
Both programs are in response to the Swiss National Bank's decision on Jan. 15 to drop its fixed minimum exchange rate for the euro. The policy had prevented the franc from strengthening beyond 1.20 per euro.
The bank's new policy makes Swiss exports more expensive but reduces the price in francs of imported goods.
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