PSA Peugeot-Citroen has said that vehicle sales in 2012 were down 16.5% at just under 3m units. The company blamed the weak European car market and the cessation of completely knocked down (CKD) car shipments to Iran for the decline.

The poor sales figures come at a bad time for PSA, with rumours this week that the company could divest its stake in Faurecia due to ongoing financial difficulties and speculation on further restructuring.

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PSA said that the decline in group sales reflects the crisis affecting the European automobile market. Southern Europe, where PSA Peugeot Citroën has a particularly large presence, was hit hardest, with the market down 13.3% in France, 14.9% in Spain and 20.9% in Italy. The Group’s 2012 market share in 30-country Europe came to 12.7%, corresponding to a share of 13% based on the 2011 market weighting, PSA said.

The company also said that the decision to suspend sales of CKD (completely knocked down, for local assembly) units in Iran as from February in compliance with international trade sanctions, negatively impacted group sales in 2012.

But on a more positive note, PSA’s sales elsewhere around the world looked much better with significant gains achieved last year in China and Russia. The company is aiming to achieve 50% of sales outside Europe by 2015.

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Frédéric Saint-Geours, Executive Vice-President, Brands noted in a statement:

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“PSA Peugeot Citroën has felt the full force of the sustainable decline in Europe’s automobile markets. This situation makes our international strategy more necessary than ever. We stepped up our global expansion in 2012 and will continue in 2013, with a growing presence in China, Latin America and Russia. 2013 will be another difficult year in Europe, but we have innovative and attractive vehicles there. The group will build on the success of the DS line, the Peugeot 208, our HYbrid4 vehicles and Europe’s lowest carbon emissions line-up. We will also be lifted by new launches in 2013, with the largest number of new Peugeot and Citroën models ever coming to market in a single year.”