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April 27, 2016updated 09 Apr 2021 9:49am

PSA posts Q1 revenue of EUR13bn

PSA has recorded first quarter revenue of EUR13bn (US$14.7bn), of which EUR8.8bn was for the Automotive division, an increase of 1.5% at constant exchange rates and EUR4.7bn for Faurecia.

PSA has recorded first quarter revenue of EUR13bn (US$14.7bn), of which EUR8.8bn was for the Automotive division, an increase of 1.5% at constant exchange rates and EUR4.7bn for Faurecia.

Global sales volumes (excluding China) were up 3.9%, driven by Europe, where they grew by 5.9%.

For the Automotive division, new vehicle revenue fell by 1.1%. The 3.9% increase in sales volumes excluding China only partially offset the negative impact of exchange rates (-4.4%).

In Europe, the increase in sales volumes (+5.9%) was driven by growth in all three brands, Peugeot, Citroën and DS. In China, deliveries to end customers were stable (-0.9%), while invoices were down 17.9%.

In Africa and Middle East, the Group’s sales fell by 22.2%, mainly in the Algerian market At the end of March, 2016, inventories were stable at 372,000 vehicles.

“Mobilised around the ambitious objectives of our Push to Pass profitable growth plan, our three brands benefited fully from the success of the Back in the Race plan and the strong growth of the European market,” said PSA Group Jean-Baptiste de Chatillon.

“Despite the volatile environment, we are confident in our performance and the achievement of our goals.”

The Group expects the automotive market to grow by around 4% in Europe and 5% in China and to contract by approximately 10% in Latin America and 15% in Russia in 2016.

The Push to Pass plan set the following operational targets: Reach an average 4% automotive recurring operating margin in 2016-2018, and target 6% in 2021; deliver 10% Group revenue growth by 2018 versus 2015 and target additional 15% by 2021.

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