Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News Mexico
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • Car Cutaways
    • Environment/Emissions
    • Sales By Market
    • Sales and Retail
    • Latest Launches
    • On The Move
    • Europe may tighten CO2 emissions targets in 'Green Deal'
      gla-main_i.jpg
      Mercedes gives the GLA more room, new safety features
      view gallery
      11 photos
      BMW 1 series
      Renault board wants VW Group's de Meo as CEO, reports say
    • TeslaCrash-MAIN.jpg
      Tesla on autopilot rear-ends parked police car
      1STRIKERS-MAIN_i.jpg
      Automakers are cutting 80,000 jobs globally as EV shift upends industry
      U.S. has not ruled out tariffs on imported cars, commerce chief says
      Germany's auto industry jobs boom comes to a halt
    • Suppliers look to European Commission for leniency on CO2 targets
      hondquality.jpg
      Honda's Hachigo seizes the wheel as quality crisis hits profits
      Suppliers to the new Ford Focus
      adient-main_i.jpg
      Adient will reach breakeven by 2020, CEO says
    • Suppliers to the new Ford Focus
      Suppliers to the new Lamborghini Urus
      Suppliers to the new BMW X2
      Suppliers to the Dacia Duster
    • China's car slump continues as sales plunge in November
      Tesla, Porsche, Audi and VW gain as German sales rise 10% in November
      Italy sales rise 2% in November on self registrations
      Russia will support car sales with $78M loan subsidies, reports say
    • Porsche takes 30,000 deposits for Taycan, report says
      Europe's dealer network must shrink further as online sales increase, report says
      Germany passes Norway for EV sales lead
      China's car slump continues as sales plunge in November
    • BMW makes reversing easy in new 1 series
      ELVA-MAIN_i.jpg
      McLaren harnesses the magic of its limited runs
      Porsche promotes Taycan's Tesla-topping recharge speed
      Kia bullish on newest member of Ceed range
    • VW Group shakes up design leadership
      Sato
      Chief engineer appointed to lead Lexus
      German auto lobby picks utilities expert as new head
      Redesigned Land Rovoer Discovery Sport at Guangzhou aut show.jpg
      Jaguar Land Rover names new China sales chief
  • Auto Shows
    • Geneva Auto Show
    • Frankfurt Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
    • Genesis logo web.jpg
      Hyundai's Genesis preps Geneva show appearance
      Rimac readies 1,914-hp EV hypercar for Geneva debut
      Tesla Model S gets wagon makeover
      Lamborghini Aventador replacement will be a hybrid
    • Frankfurt show's visitor plunge could mean its end
      Frankfurt's no-shows, darkened halls signal an industry in flux
      German industry faces an image crisis amid falling sales
      Frankfurt hits and misses
    • Lamborghini concept hints at move to less extreme looks
      view gallery
      8 photos
      VinFast Lux A2.0 sedan
      Vietnam's first automaker now has names for first sedan, SUV
      view gallery
      8 photos
      VinFast Lux SA2.0 SUV
    • VW will launch SOL EV brand in China with subcompact crossover
      view gallery
      9 photos
      BMW's iX3 concept heralds electric expansion
      view gallery
      5 photos
      Audi Q5L
      view gallery
      9 photos
      BMW Concept iX3
    • Pininfarina to expand China team despite market downturn
      Return of the bench seat? Concept EVs show space big enough for sofas
      Lexus plans its first EV for Europe, China push
      Chinese automaker will shun dealers in Europe, U.S. markets
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
    • volvoxc40bev-driver-side-charging-05.jpg
      How Tesla influenced a key element of Volvo’s first EV
      Alfa Romeo could be Tavares' toughest turnaround
      Formula E races to keep pace with EV technology
      Why Bosch bet big on breakeven chips
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
    • view gallery
      11 photos
      Renault Captur
      view gallery
      5 photos
      Mercedes-Benz AMG GLB 53
      view gallery
      10 photos
      Mercedes-AMG GLE 53 Coupe
      view gallery
      14 photos
      Mercedes-Benz GLE Coupe
    • view gallery
      8 photos
      VinFast Lux A2.0 sedan
      view gallery
      8 photos
      VinFast Lux SA2.0 SUV
      view gallery
      9 photos
      Seat Tarraco
      view gallery
      7 photos
      Toyota Corolla station wagon
    • view gallery
      4 photos
      Nio ET Preview
      view gallery
      7 photos
      Infiniti Qs Inspiration concept
      view gallery
      5 photos
      BMW 3-series LWB
      view gallery
      9 photos
      Mini Clubman
  • Maps
    • E-Car & Component Map of Europe
    • Powertrain Map of Europe
    • Assembly Plant Map of Europe
  • Supplements
    • Connected Car
    • Talk From The Top
    • BMW 100
    • Car Cutaways
  • EVENTS
    • Automotive News Europe Congress
    • Rising Stars
    • Eurostars
    • Leading Women
    • Meet the winners
  • E-MAGAZINE
    • Read the latest issue
    • Download the app
    • Digital Archives
    • Subscribe
  • More
    • Social Media
    • E-Magazine
    • Contact Us
    • 2019 Media Kit
    • About Us
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
October 23, 2019 04:43 AM

PSA revenue rose 1% in third quarter despite gloomy auto market

Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    PARIS -- PSA Group reported a rise in third-quarter revenue on strong demand for its pricier SUV models, but the automaker said overall vehicle sales fell, and it lowered outlook for major auto markets.

    Revenue for the July to September period rose 1 percent to 15.6 billion euros ($17.35 billion), PSA said in a statement on Wednesday.

    Sales of larger and more profitable SUV models such as the the Peugeot 508 and Citroen C5 Aircross helped to improve its product mix and offset headwinds including unfavorable currency swings, the company said.

    Global vehicle unit sales fell 4 percent to 674,500, hurt in part by weakening performance in Europe.

    PSA said it expected the broader auto market to shrink this year in all major markets, including in Russia, where it had previously projected growth.

    PSA has managed to avoid the worst of the slowdown gripping the industry by introducing revamped models and riding the wave of demand for SUVs.

    It has also stuck to what Chief Financial Officer Philippe de Rovira has called a "strict" pricing policy, with fewer discounts, helping PSA lift revenue even as unit sales decline.

    "In Europe, the momentum of the group is strong -- we have gained market share," de Rovira told analysts on a conference call Wednesday. Still, "PSA is continuing to face challenges in emerging markets, especially in China."

    PSA's vehicle sales in Europe have been flat through the first nine months, compared with drops at rivals Renault and Volkswagen, according to data from the ACEA industry association. Overall, the European market has declined by 1.6 percent.

    More than three-quarters of PSA’s sales are generated in Europe, a reliance that became more acute since it acquired the Opel and Vauxhall brands from General Motors.

    Automakers globally suffer from a slump in demand in emerging markets and are straining to meet stringent new emissions targets, pushing them to invest in cleaner models and technologies, as well as consider potential tie-ups.

    Renault last week slashed its targets for the year, citing deteriorating results in markets including Turkey and Argentina and spending on research and development.

    Daimler has cut its forecast twice this year, while supplier Continental on Tuesday announced 2.5 billion euros in writedowns.

    PSA on Wednesday kept its mid-term target of generating an automotive recurring operating margin above 4.5 percent on average for 2019-2021. The margin reached 8.7 percent in the first half.

    Bloomberg contributed to this report

    Monthly E-Magazine
    View latest issue
    See our archive
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Automotive News Europe Monthly E-Magazine

    Sign up to receive your free link to each monthly issue of Automotive News Europe as soon as it's published.

    GET THE E-MAGAZINE
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • 2019 Media Kit
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    Automotive News Europe
    Copyright © 1996-2019. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • Car Cutaways
      • Environment/Emissions
      • Sales By Market
      • Sales and Retail
      • Latest Launches
      • On The Move
    • Auto Shows
      • Geneva Auto Show
      • Frankfurt Auto Show
      • Paris Auto Show
      • Beijing Auto Show
      • Shanghai Auto Show
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Maps
      • E-Car & Component Map of Europe
      • Powertrain Map of Europe
      • Assembly Plant Map of Europe
    • Supplements
      • Connected Car
      • Talk From The Top
      • BMW 100
      • Car Cutaways
    • EVENTS
      • Automotive News Europe Congress
      • Rising Stars
        • Meet the winners
      • Eurostars
      • Leading Women
    • E-MAGAZINE
      • Read the latest issue
      • Download the app
      • Digital Archives
      • Subscribe
    • More
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • E-Magazine
      • Contact Us
      • 2019 Media Kit
      • About Us