PSA Group has recorded first quarter revenue up 42% to EUR18.2bn (US$22.2bn) following the acquisition of General Motors’ Opel/Vauxhall (OV) last year.
The Group posted a market share increase in Europe, up 0.7 points, while OV Automotive division revenue amounted to EUR4.8bn.
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First quarter consolidated worldwide sales were up in all regions (Europe, Middle East Africa, Latin America, Eurasia, India Pacific and China) with a record 1.05m cars sold.
Total inventory, including independent dealers, stood at 438,000 vehicles at the end of March, up 48,000 units compared to the end of March last year.
OV inventory totalled 219,000 vehicles at the end of last month.
“Push to Pass strategic plan and Opel Vauxhall turnaround plan are on track to make this strong performance a solid basis for the future,” said PSA Group CFO, Jean-Baptiste de Chatillon.
For 2018, the Group anticipates a stable automotive market in Europe, and growth of 4% in Latin America, 10% in Russia and 2% in China.
Operational targets:
The Push to Pass plan sets the following targets for Groupe PSA (excluding Opel Vauxhall):
- Deliver more than 4.5% Automotive recurring operating margin on average in 2016-2018 and target more than 6% by 2021
- Deliver 10% Group revenue growth by 20187 vs 2015, and target additional an 15% by 2021.
