According to Peugeot’s boss, Maxime Picat, the Peugeot 508 will stay around for several more years in the company’s line-up of vehicles, a confirmation that has many car enthusiasts rejoicing considering its enviable features. But Picat has also asserted that certain design aspects will be restyled, a move toward widening its appeal while still retaining its core markets.
Such move is crucial for the Peugeot 508 considering that its annual sales have drastically fallen since its launch in 2011. On its introduction, approximately 75,000 cars were snatched up by eager buyers but just four years later in 2015, sales have dropped to about 45,000, a sign that Peugeot must do something or risk market share.
Emphasis must be made, nonetheless, that the big family saloon and estate vehicles sells well in some European regions. In France, for example, it has a 20% share of sales in its market segment with sales in Spain and Belgium also doing well. Picat further asserted that across average sales in Europe, the 508 is profitable and, thus, worth manufacturing.
But the Peugeot 508 is suffering in comparison with the premium vehicles in other markets including the United Kingdom, a situation that the company wants to remedy. Picat has said that Peugeot should replace the 508 once it reaches the end of it life cycle in 2018, a decision that will result in more questions about its future. One of these questions is whether the 508’s 4.8-meter saloon design will be redesigned or not, which will have far-reaching implications on its market share.
Picat has even gone as far as saying that the 508’s market segment is in a quandary – it is losing customers but the target customers are also reluctant of moving up to it for one reason or another. The sales opportunities are likely to decline if and when Peugeot continues with its present design.
What exactly are the redesign that will happen with 508? Picat is not saying anything beyond that they will be changing some of 508’s capabilities, perhaps be a little bolder. All we have to do is wait for the restyled 508 and judge its merits.