Tesla Motors Inc.’s (NASDAQ: TSLA) management has become used to winning the top award in auto competitions. It has been named the best car ever tested by Consumer Reports and Motor Trend “Car of the Year.” But it was beaten out for the “Car of the Year Award” at the Geneva Motor Show, which is in its 84th year as a major showcase of the world’s cars and light trucks. The top spot was taken by the Peugeot 308.

The reviewers said that Tesla and others were not even close to the Peugeot 308:

For the third time, the Car of the Year was elected at the International Geneva Motor Show: the Peugeot 308 won by a clear advance of its competitors BMW i3, Citroën C4 Picasso, Mazda 3, Mercedes Classe S, Skoda Octavia and Tesla Model S.

The Jury’s decision was indisputable: The Peugeot 308 is Car of the Year. After intensive test drives, the sedan of the French manufacturer was chosen for its general balance and versatility.

Fifty-eight journalists from 22 nations did the voting.

Unlike the Tesla, the Peugeot 308 is a car aimed at the middle part of the market, and marketed for its extremely high gas mileage. It was launched in 2007, and an average of 200,000 Peugeot 308 units have been sold each year since 2008. Tesla might sell 50,000 of its Model S worldwide next year. And Tesla’s price is well over $60,000. The Car of the Year judges apparently wanted to name a mainstream car, not an exotic one.

The award is a bright spot in what has been a financially disastrous period for PSA Peugeot Citroën. It recently raised 3 billion euros from the French government and Chinese car company Dongfeng. However, PSA Peugeot Citroën’s financials are deteriorating so rapidly that the aid may not be enough.

Maybe the Peugeot 308 award will help the parent’s sales. Management of PSA Peugeot Citroën has to hope so.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.