Peugeot pins hopes on ‘facelift’ to boost growth
Peugeot is hoping that a ‘facelift’ across its most popular car models will continue the rise of its popularity in the UK.
The Coventry-based brand, which is owned by giant Stellantis, outperformed the wider UK market in 2023 on the way to posting a turnover of £2.25bn.
The total comes after the business reported a turnover of £1.90bn in 2022.
Newly-filed accounts with Companies House also show that its pre-tax profit accelerated from £31m to £51.4m in the year.
The number of new Peugeot cars being registered in the UK rose by 19 per cent to 62,401 in the year while its passenger car market share increased from 3.24 per cent to 3.28 per cent.
Its commercial vehicle sales also grew by 21 per cent to 26,066 which boosted its market share from 7.44 per cent to 7.47 per cent.
As a result, Peugeot’s overall market share increased from 3.88 per cent to 3.98 per cent in 2023.
However, the brand’s used vehicle sales fell by four per cent, having also been slashed by 35 per cent in 2022 compared to 2021.
Peugeot targets further growth in 2024
The wider UK new car market rose by 18 per cent in 2023 to 1.9m while the light commercial vehicle market grew by 21 per cent to 348,858.
Peugeot added that it expects the UK car market to increase by five per cent to two million cars and the light commercial vehicle (LCV) market to grow by 1.8 per cent to 355,000 vans in 2024.
The brand said: “New car performance will be driven by the success of our recent facelift products, including our best sellers 208 and 2008.
“We will also have the second half of 2024 facelift versions of our LCV line up as well as the car derived vans versions.”
Peugeot’s UK results for 2023 come after its parent company, Stellantis, reported a net revenue of €189.5bn for the same period, a rise of 6 per cent, while net profit grew by 11 per cent to €18.6bn.