The FINANCIAL — French car maker PSA Peugeot CitroÃ«n on October 26 reported that its third-quarter consolidated revenue totaled 12.39 billion euros, a growth of 3.2 percent from last year, according to Nasdaq.
Automotive Division revenue, excluding the contribution of the Chinese joint ventures, amounted to 8.05 billion euros, up 1.0 percent year-on-year. Pro forma Automotive Division revenue, which includes the Group’s interest in the Chinese joint ventures, represented 9.13 billion euros, a slight improvement on third-quarter 2014.
New car revenue increased by 2.6 percent, driven in particular by a 1.2 percent increase in net price and a 0.8 percent positive impacts from both volumes and family mix.
Sales volume fell by 4.3 percent overall in the third quarter, but rose by 0.8 percent excluding China.
New vehicle volumes went up 6.1 percent in Europe.
For 2015, the company now expects automotive demand to expand by 8 percent in Europe, compared to previous forecast of 6 percent.
The company still expects automotive demand to expand by about 3 percent in China but to contract by around 15 percent in Latin America and 35 percent in Russia.
The company does not change its medium-term operational outlook during the year. The company expects an operating margin of 2 percent for the Automotive Division in 2018, with the objective of reaching 5 percent over the period of the next medium-term plan, covering 2019-2023.
Jean Baptiste de Chatillon, Chief Financial Officer, said, “The whole Group is committed to the full execution of the “Back in the Race” plan, and the result of that commitment, despite a more difficult economic environment in the third quarter, is a real achievement that gives us confidence about reaching our targets.”