Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.