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PSA’s Group Revenue Slips as Unit Sales Drop 16%
PSA Group says its unit sales skidded 16% to 886,000 cars in January-March, mainly because of suspended operations in Iran.
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PSA Group says its unit sales skidded 16% to 886,000 cars in January-March, mainly because of suspended operations in Iran.
Consolidated sales rose 2% to 783,500 units in Europe in the first quarter. But demand plunged in China and southeast Asia (-58% to 35,900 units) and Latin America (-30% to 32,100).
PSA’s first-quarter revenue dipped only 1% to €18 billion ($20 billion). Sales by the carmaker’s Faurecia partsmaking affiliate were flat at €4.3 billion ($4.8 billion).
PSA will report detailed first-half financial results in July. In the meantime, the company predicts its full-year unit sales will be flat in Europe, grow 5% in Russia and shrink 2% in Latin America and 3% in China.
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