PSA/Peugeot-Citroen SA hopes that its efforts in 2011 will be enough for it achieve its goal of having half of its sales originate from outside Europe. PSA said that the 408 sedan has been contributing to the increase of deliveries in China.
PSA said that the Chinese market will “maintain double-digit” percentage growth in 2011. The 408, launched in April 2010, is PSA's first model designed specifically for China.
In a recent statement, CEO Philippe Varin said the carmaker posted 2010 growth from overseas markets, with a “large proportion” of its sales coming from outside Europe. He said on Jan. 6, 2011 that PSA's deliveries in 2010 rose 13 percent to 3.6 million vehicles.
In 2010, China sales increased 38 percent to 375,600 vehicles, Latin America posted a 27 percent jump and Russia advanced 37 percent, compared with a 1.7 percent gain in Europe to 2.2 million units.
PSA, which makes vehicles in partnership with Dongfeng, expects to reach an agreement in the first quarter on a second Chinese joint venture with Changan Automobile Group Co.
Varin has vowed to reduce PSA's dependence on Europe, whose share of sales dropped to 61 percent in 2010 from more than two-thirds in 2009. Europe's biggest carmaker, Volkswagen AG, is also expanding in China by adding production capacity.