French carmaker PSA Peugeot Citroen on Wednesday announced net losses of 343 million euros (443 million dollars) for 2008, and chief executive Christian Streiff warned of more losses in 2009.
Group turnover in 2008 was down 7.4 percent to 54.4 billion euros.
The 2008 losses compare to profits in 2007 of 885 million euros.
Streiff warned that the first half of 2009 would be particularly difficult, but the company was aiming to move back into profit in 2010, he added.
On Monday the group welcomed a decision by the French President Nicolas Sarkozy to lend the group 3.0 billion euros, part of a 6.5-billion-euro state aid package to French carmakers.