PSA/Peugeot-Citroen sold a record 3.6 million vehicles last year

Article by Christian A., on January 8, 2011

PSA/Peugeot-Citroen SA's CEO, Philippe Varin, recently said at a briefing in Paris that the company sold a record 3.6 million vehicles in 2010 and remains on track to meet its 2010 profitability target.

Varin added the company's sales rose about 13 percent from 3.19 million vehicles in 2009, even as the European market declined 5 percent.

He predicted that demand in the region will be stable in 2011, while the French market may shrink 10 percent after the withdrawal of scrapping incentives in December 2010.

He has pledged to reduce the company's dependence on Europe, which accounted for 66 percent of its sales in 2009. He added that PSA met its EUR1.5 billion ($2 billion) operating profit target for 2010.

Varin said PSA expects to reach agreement in the first quarter on a second Chinese joint venture announced with Changan Automobile Group Co., and he added that PSA is open to other potential joint ventures elsewhere in the world.

In December 2010, Varin said that planning for a factory investment in India has also entered an “active phase.” PSA is building a factory with Mitsubishi Motors Corp. in Kaluga, Russia, even after talks on a capital tie-up broke down in 2010.

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