PSA has recorded first-quarter revenue down 15.6% to EUR15.2bn (US$16.5bn), with the Automotive Division falling 15.7% to EUR11.9bn as the coronavirus pandemic impact is felt.
With a total of 627,000 cars sold, Q1, 2020 consolidated worldwide sales were down 29% impacted by the Covid-19 crisis.
Total inventory, including independent dealers and importers, stood at 715,000 vehicles at 31 March, 2020 and decreased by 1,000 units from 31 March, 2019.
Faurecia revenue was down EUR586m at EUR3.74bn.
“Having secured its liquidity and drastically cut its costs, the group now fully focuses on preparing the rebound in a chaotic economic environment,” said PSA CFO, Philippe de Rovira.
In 2020, the Group now anticipates a decrease of the automotive market by 25% in Europe, 10% in China, 25% in Latin America and 20% in Russia.
The outlook is currently difficult to assess and will depend on the scale, duration and geographic extent of the Covid-19 crisis, as well as the measures taken by the countries concerned.
PSA has set the target to deliver more than 4.5% Automotive adjusted operating margin on average for the period, 2019-2021.