PSA says that group revenue amounted to EUR14,988m in Q3 compared with EUR11,404m in Q3 2016. In the first nine months of the year, 2017 group revenue reached EUR44,153m, compared with EUR39,183m in 2016, up 12.7%.
Opel-Vauxhall numbers are included in the group for the first time.
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The company's overall performance was helped by sales growth in Europe and Latin America. although sales in China are down by 29% in Q3.
Automotive division for PCD (Peugeot, Citroën and DS) Q3 revenue amounted to EUR8,418m up by 11.6% compared to Q3 2016. This increase, PSA said, was mainly driven by the product mix (+5.4%) and the volume and country mix (+5.7%) improvement linked to the strong sales of new models (Peugeot 3008, 5008, Expert and Traveller, Citroën C3, C3 Aircross, C5 Aircross, Jumpy and SpaceTourer).
OV (Opel-Vauxhall) Automotive division revenue amounted to EUR2,789m for the two months of August and September.
Total PCD inventory, including independent dealers, stood at 369,000 vehicles at the end of September 2017, down 31,000 units compared to end of September 2016. OV inventory totalled 273,000 vehicles at the end of September 2017.
PSA said Q3 consolidated worldwide sales as well as market share were up in all regions (Europe, Middle East Africa, Latin America, Eurasia and India Pacific) except in China. Including volumes of Opel Vauxhall, sales were up by 23.8% in Q3 2017 versus Q3 2016.
Jean-Baptiste de Chatillon, Chief Financial Officer of Groupe PSA and member of the Managing Board, said: "The Groupe PSA and more specifically PCD is now combining strong growth with its price and cost discipline. This is key for achieving the challenges ahead of us in an ever so uncertain economic environment."
For 2017, PSA expects the automotive market to grow by approximately 3% in Europe, 5% in China, 7% in Latin America and 8% in Russia.
Operational targets
The Push to Pass plan sets the following targets for Groupe PSA (excluding Opel Vauxhall):
- Deliver over 4.5% Automotive recurring operating margin on average in 2016-2018, and target over 6% by 2021;
- Deliver 10% Group revenue growth by 2018 vs 2015, and target additional 15% by 20216.
