Peugeot-Citroen sees sales tumble by 30%

PARIS, France – French carmaker PSA – owner of the Peugeot, Citroen, and Opel brands – said on Tuesday, April 21, it sold nearly 30% fewer vehicles during the 1st quarter of this year as coronavirus lockdowns kept consumers away.

The group, which is in the process of merging with Italian-American rival Fiat Chrysler, suffered a less severe drop in sales revenue, which fell 15.6% to 15.2 billion euros ($16.5 billion).

The carmaker sold 627,000 vehicles in the January-March period, during which coronavirus lockdowns were in place for only a small portion in its major markets. It sold nearly 886,000 vehicles during the same period last year.

The 2nd quarter will likely be much more difficult for the carmaker as lockdowns across Europe, its major market, have hobbled both production and sales across the region during April.

While some countries are starting to ease restrictions, the resumption of production looks like it will prove complicated.

“The outlook is currently difficult to assess and will depend on the scale, duration, and geographic extent of the COVID-19 crisis, as well as the measures taken by the countries concerned,” the company said.

PSA now expects Europe’s automotive market to shrink this year by 25%. – Rappler.com