PSA grew 6% globally in first half of 2014 to 1.54 million vehicles

Article by Christian A., on July 20, 2014

PSA/Peugeot-Citroen posted a 6-percent surge in global sales in the first half of 2014 to 1.54 million vehicles, boosted by an ongoing recovery in the European market and a current expansion in China. PSA said in a statement that it posted a 28-percent jump in sales in China, where it is currently expanding production in separate joint ventures with Changan Automobile Group and shareholder Dongfeng Motor Group.

It also managed to gain market share in Europe, thanks to an onslaught of new models and recovering demand in France, Spain and the United Kingdom. Sales in the region grew 12 percent to 956,000 cars and trucks, almost doubling the market's gains.

However, the French carmaker saw sales in almost every other major market drop significantly, blaming weakening emerging-market currencies for its fate. Peugeot CEO Maxime Picat particularly blamed the “devastating” ruble-euro exchange rate.

He added that political tensions and slowing economies created "sharply deteriorated situations" in many emerging markets. According to PSA deliveries dropped 27 percent in Latin America, 26 percent in Russia and 37 percent in Africa and the Middle East.

Weaker currencies are hurting the carmaker’s competitiveness overseas since it purchases a smaller share of components locally than its rivals like Renault in Russia.

PSA CEO Carlos Tavares has vowed to hike local sourcing in Russia to 50 percent of parts by 2018 from just 30 percent in 2013. Tavares has also vowed to achieve the same in Latin America.

Topics: psa, sales

If you liked the article, share on:

Pin It

Comments

Recommended

South Korean car company SsangYong recently revealed sketches of their upcoming SUV. We’re not always impressed by Korean car designs, but this one looks quite promising. Yup, it is the...
by - March 26, 2017
Twenty-eight years after the company was first launched by Toyota, which was initially targeted to the United States market only, Lexus has already made its way to over 70 countries....
by - March 26, 2017
Last year was probably Porsche’s best year ever in terms of sales. Their factory in Stuttgart delivered 237,778 cars in total, which represents a six percent increase compared to the...
by - March 26, 2017
Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries