Mexican Media Brands
PSA’s First-Quarter Revenue Slips
PSA Group reports its revenue in the first quarter of 2016 declined 2% to €13 billion because of unfavorable exchange rates.
#economics
Share
PSA Group reports its revenue in the first quarter of 2016 declined 2% to €13 billion because of unfavorable exchange rates. The total includes €4.7 billion ($5.3 billion) from the company’s Faurecia partsmaking affiliate.
The company says delivery gains of 16% in Latin America and 6% in Europe were offset by lower demand in Algeria, China, India and the Middle East.
PSA’s “Push to Pass” strategy announced earlier this month aims to increase revenue 10% to about €60 billion ($68 billion) by 2018. Chief Financial Officer Jean-Baptiste de Chatillon asserts that the company expects to reach its goals in spite of the continuing volatility in the business environment.
PSA expects overall car makers in Europe and China to grow 4% and 5%, respectively. It forecasts markets will shrink 10% in Latin America and 15% in Russia this year.
RELATED CONTENT
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.