Mexican Media Brands
PSA’s Revenues Climb 8%
PSA Group reports that its revenue grew 8% to €15.4 billion ($17.6 billion) in the third quarter and 29% to €54 billion ($61.5 billion) through the first nine months.
#economics
Share
PSA Group reports that its revenue grew 8% to €15.4 billion ($17.6 billion) in the third quarter and 29% to €54 billion ($61.5 billion) through the first nine months.
The latter figure reflects the impact on year-on-year sales of PSA’s acquisition of Opel/Vauxhall from General Motors Co. in August 2017.
Revenue by Opel/Vauxhall soared 39% to €3.9 billion ($4.4 billion) in January-September. Income from PSA’s carryover brands (Peugeot, Citroen and DS) advanced 1% to €8.5 billion ($9.7 billion) over the same period.
The group’s unit sales in the third quarter fell 17% to 703,000 units as gains in Europe were offset by declines elsewhere. PSA says its suspension of operations in Iran in May accounts for most of the shrinkage. Dealer inventories for the period declined by 29,000 units to 59,000 vehicles.
The company predicts this year’s automotive market will expand 1% in China, 2% in Europe, 3% in Latin America and 10% in Russia.
RELATED CONTENT
-
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.
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.