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PSA’s Revenue Improves as Deliveries Climb 8%
PSA Peugeot Citroen reports its first-quarter sales grew 2% to €13.3 billion.
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PSA Peugeot Citroen reports its first-quarter sales grew 2% to €13.3 billion. Deliveries rose to 725,900 units from 711,700 vehicles in January-March 2013.
Separately, PSA's shareholders on Friday readily approved a plan to give 14% ownership stakes to the French government and China's Dongfeng Motor Group in exchange for €3 billion in new capital.
PSA's first-quarter sales gains of 18% in China and 16% in Europe offset shrinking demand in Latin America and Russia. PSA notes that a "sharp deterioration" in foreign exchange rates hurt its financial results, which will be reported later.
The company's Faurecia components unit increased revenue 3% to €4.5 billion in January-March. Revenue from its Banque PSA Finance unit fell 7% to €418 million.
PSA expects regional car markets this year to grow 3% in Europe and 10% in China but decline 7% in Latin America and 5% in Russia. The company did not reveal its own sales goals.
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