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

Audi’s intention to bring out the Renn Sport Racing version of the Q5 was made clear when it unveiled the Audi SQ5 at the 2017 Detroit Motor Show early this...
by - July 22, 2017
Kia’s Sorento midsize sports utility vehicle is reaching its mid-cycle for the 2018 model year. Thus, its fans, enthusiasts and satisfied customers are expecting the Sorento to receive an update...
by - July 22, 2017
The Lotus Evora Sport 410 astonished the world after arriving as the more powerful and lighter edition of the already impressive Evora 400. Now, Lotus Cars is throwing in another...
by - July 22, 2017
The Europe-bound WRC hatch developed by Toyota and Gazoo Racing team will be limited to just 400 examples as reported by AutoCar this week. Otherwise known as Gazoo Racing Masters...
by - July 21, 2017
Even cops get excited when they’re assigned to drive the best cars in the market. In Austria, police officers drive around in a Porsche 911 Carrera while in Milan, authorities...
by - July 21, 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