Mexican Media Brands
PSA Reports First Full-Year Operating Profit since 2011
PSA Peugeot Citroen posted an operating profit of €905 million last year, its first such profit in three years.
#economics
Share
PSA Peugeot Citroen posted an operating profit of €905 million last year, its first such profit in three years. The company lost €364 million in 2013.
Group revenue advanced 1% to €53.6 billion, driven by a 4% gain to €18.8 billion for its Faurecia components group. PSA's net loss for the year narrowed to €555 million from €2.2 billion in 2013.
Auto-related revenue last year slipped 1% to €36.1 billion because of unfavorable exchange rates. But operating income for that unit swung to a €63 million profit from a €1 billion loss in 2013. Deliveries grew 4% to 2.94 million cars and light trucks, driven by growth in China.
PSA says it has cut its production costs by €730 per vehicle, thus lowering its sales breakeven point (excluding results in China) to 2.1 million units from 2.6 million in 2013. The company targets a breakeven of 2 million units.
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.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
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.