PSA has posted first half net income up EUR351m (US$391m) to EUR1.83bn, while recurring operating margin increased 8.7%.

“Thanks to our focus on our strategic plan execution, we have delivered strong Free Cash Flow and Recurring Operating Margin in H1,” said PSA chairman, Carlos Tavares.

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“We are ready for electrification and to embrace the next technological challenges. Our agility and aligned management team remain key assets to reach the targets of the Push to Pass plan.”

Group revenue amounted to EUR38.3bn in the first half, down 0.7% compared to 2018 H1.

Automotive division revenue amounted to EUR30.4bn, down 1.1% versus 2018 H1, mainly driven by product mix (+2.9%) and price (+1.3%), which partially offset the decrease of sales to partners (-2.2%), the negative impact of exchange rates (-0.8%), volumes and country mix (-1.4%) as well as others (-0.9%).

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