Mexican Media Brands
PSA Profits Climb as Opel Unit Revives
PSA Group reports its net income in the first half of 2018 grew 18% to €1.5 billion ($1.7 billion) as the turnaround of its 11-month-old Opel unit gains traction.
#economics
Share
PSA Group reports its net income in the first half of 2018 grew 18% to €1.5 billion ($1.7 billion) as the turnaround of its 11-month-old Opel unit gains traction.
The addition of Opel helped the company’s revenue zoom 40% to €38.6 billion ($45.1 billion) in January-June, aided by €9.9 billion ($11.6 billion) from Opel operations. Group operating income climbed 48% to €3 billion ($3.5 billion).
First-half unit sales rose 38% to 2.18 million units. Growth minus the contribution of Opel was 2% to 1.61 million vehicles.
CEO Carlos Tavares notes that PSA’s automotive operations saw operating income jump 30% to €1.9 billion ($2.2 billion) in spite of costlier raw materials and unfavorable exchange rates. He attributes the gain to increased sales, a richer product mix and continuing cost cutting.
PSA anticipates a “stable” market in Europe this year, with year-on-year growth rates of 2% in China, 4% in Latin America and 10% in Russia.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.