PSA/Peugeot-Citroen posted a 4-percent surge in vehicle sales in the fourth quarter 2013 to 748,000 units, thanks to strong demand for the 2008 crossover and 308 hatchback. PSA said in a statement that it logged a 5-percent drop in full-year 2013 sales to 2.82 million cars and light commercial vehicles. PSA managed to offset its weak sales in Europe by expanding sales overseas, which accounted for 42 percent of total sales in 2013.
PSA is aiming to sell half of its vehicles outside of Europe by 2015. The carmaker posted a 26-percent jump in sales in China to 557,000 vehicles in 2013, thanks to new models like the Peugeot 3008 and the Citroen C4L sedan. PSA also logged almost a 7-percent rise in sales in Latin America to 303,000 vehicles.
In Europe, the carmaker posted an 8.5-percent drop in registrations in 2014 -- the steepest among the top 10 sellers in the region, according to figures from the ACEA trade group. This drop came despite PSA being one of the top three discounters every month in 2013, according to a ranking published by industry magazine Autohaus PulsSchlag.
PSA is struggling to end its losses caused by a shrinking European vehicle market. PSA reorganization has planned moves to launch new models and close its Aulnay site near Paris. The company has named Carlos Tavares to become its chief executive later this year.
PSA's board recently met to talk over plans to increase its capital by around EUR3 billion ($4.1 billion), people privy with the matter told Automotive News. Under the plan, Dongfeng Motor Corp. and the French state would each contribute at least EUR500 million in exchange for a 10-percent stake in PSA. The remaining would be raised through a share sale.