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Washington DC, U.S.
The automotive group’s strategy of profitable growth, aimed at improving the pricing power of its three brands, Peugeot, Citroën and DS, seems to be paying off.
PSA Group’s first quarter 2016 revenue amounted to €12.99 million, of which €8.79 million for the automotive division and €4.6 million for Faurecia, representing a 1.5% increase at constant exchange rates.
According to the Group, the operating environment is mixed with strong European market growth but unfavourable exchange rates.
New vehicle revenue dropped 1.1% in the period for the automotive division. Global sales volumes (excluding China) were up 3.9%, partially offsetting the negative impact of exchange rates (-4.4%).
In Europe, the increase in sales volumes (+5.9%) was driven by growth in all three brands, Peugeot, Citroën and DS. In China, deliveries to end customers were stable (-0.9%), while sales were down 17.9%. In Africa and Middle East, the Group’s sales fell by 22.2%, mainly in the Algerian market.
For 2016, the Group expects the automotive market to grow around 4% in Europe and 5% in China, and to contract by approximately 10% in Latin America and 15% in Russia.
Earlier in April, Faurecia, the automotive car parts manufacturer partly owned by PSA (49.48% as of late 2015), has posted consolidated sales growth for the first-quarter of 2016, up 4.4% year-on-year. Read more here.
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