Peugeot maker PSA Group sales plunge in first half
Peugeot manufacturer PSA Group reported that sales plummeted in the first half of the year driven by poor performance in emerging markets.
Sales fell to 1.9m between January and June from 2.18m the previous year as the company suffered a sharp decline in several regions.
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In China, deliveries plunged 62.1 per cent as PSA and local joint venture partners Dongfeng and Changan suffered a sales collapse.
PSA’s forced withdrawal from Iran following the threat of US sanctions contributed to a 68.4 per cent drop in Middle East and Africa region sales.
Sales also dropped by 29.3 per cent in Latin America.
The French manufacturer saw a slight increase in sales in its core European market. Sales were up 0.3 per cent and the Opel-Vauxhall business, which was acquired from General Motors in 2017, gained ground in the region.
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“Despite the decline of the global automotive markets for this first half, our commercial teams have managed to increase market shares in several countries, especially in Europe and Africa,” said PSA Group chairman Carlos Tavares.
The group is due to report its full earnings for the first half of the year next week.
Main image credit: Getty