PSA sales gain

By Agencies – Global Times Source:Agencies – Global Times Published: 2018/7/12 22:12:50

France's PSA Group said its global sales had continued to grow in the first half despite its withdrawal from Iran, a major market for the maker of Peugeot and Citroen cars.

Deliveries rose to 2.18 million vehicles, up 38 percent thanks to PSA's purchase of Opel-Vauxhall from General Motors last year. Excluding the newly acquired brands, sales rose 1.9 percent globally and 8.4 percent in Europe.

But Middle East sales by the French brands fell 26 percent, the group said, reflecting the deconsolidation of Iran from May 1 under the threat of US sanctions. Iran accounted for more than 12 percent of group sales last year.

Under a succession of CEOs, PSA has sought for years to expand beyond Europe. But the Iran withdrawal and Opel deal have increased dependence on its home region, which claimed 77 percent global deliveries, up from 66 percent a year earlier.

Posted in: ECONOMY,COMPANIES

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