Groupe PSA Q1 revenue at €18bn
Groupe PSA’s 2019 Q1 revenue was slightly down 1.1 per cent at €18 billion, with the automotive division revenue at €14.2 bn (-1.8%).
In Europe, there was a steady market share increase with sales up 1.6 per cent. Consolidated worldwide sales are down 15.7% in particular due to the suspension of the group’s activities in Iran.
Group revenue amounted to €17,976 million in Q1 2019 compared with €18,182m in Q1 2018.
Automotive division revenue amounted to €14,157m down by 1.8 per cent compared to Q1 2018. The positive impact of product mix (+2.3%) and price (+1.3%) partially offset the decrease of sales to partners (-2.7%), the negative impact of exchange rates (-0.8%), volumes and country mix (-1.1%) as well as others (-0.8%).
With a total of 886,000 cars sold, Q1 2019 consolidated worldwide sales were up in Europe but down outside of Europe mainly due to the suspension of the group’s activities in Iran and to Chinese JVs.
Total inventory, including independent dealers and importers, stood at 716,000 vehicles at 31 March 2019, an increase of 32,000 units from 31 March 2018.
Faurecia revenue was slightly up at €4,325m.
Philippe de Rovira, chief financial officer of Groupe PSA and member of the executive committee, said, ‘Groupe PSA remains fully focused on the execution of the Push to Pass strategic plan to deliver a high level of performance and to be a leading actor in the energy transition.’
Market outlook: in 2019, the Group anticipates a stable automotive market in Europe, a decrease by two per cent of the market in Latin America and by three per cent in China and growth of five per cent in Russia.
Groupe PSA has set the following target for the period 2019-2021 (including Opel Vauxhall): to deliver over 4.5 per cent automotive recurring operating margin on average in 2019-2021.