PSA Peugeot Citroen on Wednesday said Q3 revenues fell only 7.7% compared to 24.9% in Q1 and 18.9% in Q2, 2009.
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Nine-month revenues were down 17.6%. Q3 market share in Europe rose to 13.4% from 12.9%. Total assembled vehicle Q3 unit sales rose 4.7%.
Consolidated automotive revenues declined 4.1% overall to EUR9.3bn in Q3 2009, a decline of 15.2% for the first nine months. Consolidated revenues for new passenger cars and light commercial vehicles declined by 4.5% in Q3 09 due partly to a foreign exchange impact of 2.6%.
PSA described European car markets as “mixed” in the third quarter with positive trends in western markets offset by negativity in central and eastern countries.
“Many European countries have put in place scrappage incentive schemes to help generate improved trends in automotive markets, but the most favourable impact was in Germany where the incentive scheme led to a sharp increase of 22.7% in demand,” PSA said.
“France, Italy and the UK all benefited also from the favourable impact of incentive schemes with market trends turning positive in Q3. In Spain the market continued to decline, but at a greatly reduced pace of 3.8%.
PSA said central and eastern European markets declined by 35.7% in Q3 overall, however the rate of decline slowed in Poland to 0.8%.
The light commercial vehicles market remained very weak in Q3, down by 28.7%. PSA increased its leading market share to 22.1% from 19.2% in Q3 2008.
Russia collapsed by 55.8% in Q3 and, though group registrations were down 45.6%, market share increased to 2.9%.
The Latin America region as a whole continued to experience decline (7.6%) though at a slower pace than in the first half of 2009. Brazil continued as the exception with an increase of 7.7%. Elsewhere the situation remained negative with Argentina down 17.3% and Mexico down 30.1%. Group registrations declined by 9.9% and the market share was down at 5.1% from 5.3% in Q3 2008.
Chinese car registrations soared to new record levels in recent months boosted by government incentives. The market grew by 75.1% in Q3. The group’s registrations outperformed the market at 82%.
CKD units sold in the third quarter rose 74.7% to 94,000.
Inventory was reduced by 36% to 400,000 vehicles compared to 628,000 vehicles in stock at the start of the year.
Partsmaker Faurecia’s revenues fell 20.8% in Q3 to EUR2 268m compared to the same period in 2008.
Gefco revenues fell 19.8% to EUR701m as the economic slowdown reduced the logistics needs across its customer network.
Banque PSA Finance revenues declined by 14.3% to EUR458m, mainly due to the decline in wholesale loans.
