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PSA Hikes Car Prices in U.K. to Offset Weak Currency
PSA Group has raised its vehicle prices 2%-3% in the U.K. to offset the weaken pound sterling.
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PSA Group has raised its vehicle prices 2%-3% in the U.K. to offset the weaken pound sterling. The hikes began on Aug. 1.
Other carmakers, notably Fiat and Nissan, have cautioned they will likely do the same, Automotive News Europe points out. The pound has dropped 10% against the euro since the U.K. voted on June 23 to exit the European Union. Observers, noting that car sales in England have stalled, say worries about the impact of the decision are likely to dampen consumer buying.
PSA’s Citroen, DS and Peugeot brand control a combined 7% of the British new-car market. The company imports all vehicles sold in the U.K., making its margins sensitive to currency fluctuations. But analysts say raising prices is likely to hurt sales.
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