Peugeot Sales Up as Iran Boost Counters Europe, Asia Declines
July 13 2017 - 3:35AM
Dow Jones News
By Eric Sylvers
Peugeot's vehicle sales rose 2.3% to 1.6 million in the first
half as a big jump in Iran helped the French car maker offset
stagnant markets in Europe and Asia.
Sales in the Middle East and Africa more than tripled to 277,931
as Peugeot, officially known as Groupe PSA (UG.FR), ramped up
production in Iran in the wake of a softening of western sanctions.
Sales fell 1.9% in Europe, its largest market, and dropped by
almost half in China and southeast Asia as the company moved
forward with a reorganization in the region.
Peugeot has among the highest profit margins among European car
makers and over the past several years has favored incremental
gains in profitability over growth in volume. Peugeot will soon get
a big boost in volume as it gets close to sealing its $2 billion
acquisition of General Motors Co.'s (GM) perennially unprofitable
European unit Opel.
-Write to Eric Sylvers at eric.sylvers@wsj.com
(END) Dow Jones Newswires
July 13, 2017 03:20 ET (07:20 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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