Indicating just how much carmakers depend on emerging markets -- PSA/Peugeot-Citroen was able to raise its operating income goal on rapid sales in new markets and Audi just hit the mark of having sold one million cars in China.
As soon as scrappage schemes expired, European carmakers have turned to markets in Asia and Latin America and this has propped up demand.
During PSA’s third-quarter sales report, the carmaker revealed more optimistic forecasts for the European, Chinese and Latin American markets.
PSA disclosed a 10% increase in sales during the third quarter and also that it lifted its profit target. PSA said that this means that full-year recurring operating income would now surpass its previous target of 1.5 billion euros ($2.09 billion).
PSA said that it anticipates a nearly 20% growth in the Chinese car market whereas before, it had simply predicted a double-digit growth.
PSA asserted that the European market will decrease by about 5% in 2010, against its previous forecast of a 7% drop. It also said that it expects growth in Latin America at close to 10% for the entire year. [via autonews - sub. required]