PSA has posted third-quarter revenue up 7.8% to EUR15.4bn (US$17.5bn), while year-to-date revenue rose 20.1% to EUR54bn.
Despite rising revenue, consolidated worldwide sales dropped 16.7% mainly because of the suspension of the Group’s activities in Iran from May this year.
Nonetheless, Europe sales increased 8.1%, with Opel Vauxhall (OV) Automotive division revenue amounting to EUR3.9bn compared to EUR2.8bn in Q3, 2017.
Total PCD inventory, including independent dealers, stood at 402,000 vehicles at the end of September 2018, up 33,000 units compared to end of September 2017. OV inventory, including independent dealers, totalled 173,000 vehicles at the end of September 2018 down 64,000 units compared to the end of September 2017.
“The execution of Push to Pass strategic plan and PACE Opel Vauxhall turnaround plan is again proving to be a strong lever to deliver a sustainable performance despite an adverse environment,” said PSA CFO, Philippe de Rovira.
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In 2018, the Group anticipates growth of 2% of the automotive market in Europe, 3% in Latin America, 10% in Russia and 1% in China.
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 over 6% by 2021
- Deliver 10% Group revenue growth by 2018 vs 2015, and target additional 15% by 2021