peugeot sales plunge 165 in 2012
Last Updated : GMT 04:22:55
Arab Today, arab today
Arab Today, arab today

Peugeot sales plunge 16.5% in 2012

Arab Today, arab today

Arab Today, arab today Peugeot sales plunge 16.5% in 2012

Paris - AFP

French auto giant Peugeot, recently rescued by the government, reported on Wednesday a 16.5-percent plunge of sales last year because of problems in southern Europe and Iran and despite strong demand in Russia and China. The group blamed the effects of the debt-crisis in southern Europe for the extent of the sales plunge. But the director for brands in the business, known fully as PSA Peugeot Citroen, said it expected sales to rise this year, excluding the sale of parts for assembly in Iran and despite expected further contraction of the European market. PSA is struggling to restructure its business with a controversial plant closure in France, the shedding of 8,000 jobs, a strategic alliance with US group General Motors and a drive to expand sales outside Europe. sales to rise this year but did not provide figures. He said in a statement that \"the group is being hit full blast by the lasting fall of European markets\" which he estimated would shrink a further 3.0-5.0 percent this year. He also said that PSA did not intend to reduce its holding of 57.4 percent in the manufacturer of car parts Faurecia. Shares in the group showed a gain of 1.04 percent to 6.28 euros in afternoon Paris trading, while the CAC 40 index of French blue-chips was up by 0.15 percent overall. PSA is the second-biggest car manufacturer in Europe after German group Volkswagen which is strongly placed on export markets for high-quality vehicles, but the French group\'s sales fell below the three-million level in 2012 to 2.965 million. By contrast Volkswagen announced in December that by the end of November it had beaten its sales in 2011, with a total of 8.29 million vehicles sold. A report in mid-year by the newly installed French socialist government, in response to the shock announcement of the job cuts by PSA, found that the group had made strategic mistakes over 20 years, notably by missing the trend towards globalisation. In October, the government guaranteed financial support for the group of 5.0-7.0 billion euros ($6.54-9.15 billion) in the form of support for the subsidiary providing credit to customers and dealerships. The government sent details of the support to European Union competition authorities after the EU questioned the decision. Government spokeswoman Najat Vallaud-Belkacem said Wednesday: \"Aid provided by the French government was not strictly speaking state aid.\" PSA gave new insights on January 2 into its problems, saying that sales in its home market France had dropped by 17.5 percent last year. Sales in Italy, Spain and Portugal fell even harder. The group does 60 percent of its business in France and southern Europe. However, sales held up in Germany and rose in Britain. The group has factories in Russia and in China and sales in Russia surged by 7.4 percent to 78,000 and in China they rose faster than the market, by 9.2 percent to 442,000 vehicles. But the group suffered setbacks in Latin America, with delays in the extension of a factory at Porto Real in Brazil where it intends to double production capacity by 2015. Overall PSA is cutting its dependance on Europe, with sales elsewhere rising from 33.0 percent of the total in 2011 to 38.0 percent last year and towards a target of 50 percent in 2015. The statement said: \"Southern Europe, where PSA Peugeot Citroen has a particularly large presence, was hit hardest, with the market down 13.3 percent in France, 14.9 percent in Spain and 20.9 percent in Italy.\" \"The decision to suspend sales of CKD units in Iran as from February in compliance with international regulations, which made it impossible to finance Iran-bound sales due to tighter international sanctions, also impacted Group sales in 2012,\" PSA said. CKD stands for complete knock-down and is an industry term for a complete kit needed to assemble a product. Peugeot\'s decision to suspend business in Iran was to comply with international sanctions against the Islamic republic over its nuclear programme. The firm also came under intense pressure from Washington lobbies to shut down its thriving operations in Iran after General Motors acquired a 7.0-percent shareholding in PSA.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

peugeot sales plunge 165 in 2012 peugeot sales plunge 165 in 2012

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

peugeot sales plunge 165 in 2012 peugeot sales plunge 165 in 2012

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday