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:

Comments

Recommended

During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Could this be a special version of Ferrari’s much acclaimed LaFerrari? No matter how we look at it, the patent images for this sports car from Ferrari indicate its striking...
by - February 23, 2017
How fast can a 2017 Chevrolet Camaro ZL1 actually go? Considering the amount of power lurking underneath its line-laden bonnet, the 2017 Camaro ZL1 is capable of achieving a top...
by - February 23, 2017
As it turned out, we’ll be seeing Toyota’s new super supermini at the 2017 Geneva Motor Show in March. It’s time we all get to meet the new Toyota Yaris...
by - February 23, 2017
Opel revealed it has sweetened the pot for 2017 Insignia Grand Sport customers with the Opel Exclusive program. Through this program, the brand hopes to introduce a wide selection of...
by - February 22, 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