Consolidated revenue in the third quarter of 2015 totalled €12.390 million, up 3.2% compared with the same period in 2014. The automotive division revenue, excluding contribution of the Chinese joint ventures, amounted to €8.052 million for the period, up 1% year-on-year.
New car revenue increased 2.6%, driven in particular by a 1.2% increase in net price and a 0.8% positive impact from both volumes and family mix. However, the overall worldwide sales volume dropped 4.3% for Q3 2015.
Sales growth accelerated in Europe, representing 6.1% in the third quarter against 2.9% in the first half, but decreased 17% in Asia, 23% in Latin America and 45% in Eurasia. The Group is pursuing measures to right size fixed costs in order to reach breakeven by 2017.
In Middle East and Africa and India-Pacific regions, sales decreased 7% and 24%, but the Group’s year-to-date sales in these regions were still up 14% and 15% respectively.
Total inventory, excluding China but including independent dealers, stood at 382,000 vehicles at the end of September, 11,000 fewer than at end-September 2014.
Faurecia, run as an independent company but controlled at around 57.4% by PSA Citroen, reported revenue of €4.749 million in the third quarter, a year-on-year increase of 8.3%.
In 2015, the Group expects automotive demand to expand 8% in Europe and, approximately, 3% in China but to contract by around 15% in Latin America and 35% in Russia.