Resilient demand in Europe and booming Chinese market helped France's No. 1 car maker PSA Peugeot Citroen to provide 5.5 more units worldwide in the first half of the year compared to the same period in 2013, the group said Thursday.
For the January-June period, PSA saw its global sales at 1.541 million vehicles, with its unit sales in Europe rising 11.7 percent to 956,000 vehicles, following a "growth in the French, Spanish and UK markets, as well as a more upward pricing policy for the brands, which were better positioned."
As a result, the auto manufacturer's market share in the traditional European markets was at 12.1 percent, the French group said.
China, PSA largest world market since March, was the group growth driver after absorbing 27.7 percent of its sales "thanks to the performance of joint ventures Dongfeng Peugeot Citroen Automobile (DPCA) and Changan PSA Automobile (CAPSA)."
In Russia where the group was facing "an unfavorable macroeconomic environment," its sales stood at 23,400 units, down by 25.8 percent, while its offer to Africa and Middle East declined sharply by 37.2 percent. However, PSA saw potential growth in these markers by developing and deploying its brands.
"We need to remain focused on executing our roadmap, as the external environment is still unstable, particularly in Europe, Latin America and Russia," said Carlos Tavares, PSA Chairman.
For the full year of 2014, the France's leading auto maker aimed to "develop its more targeted global product plan to cover the market more effectively."
The group also expected Chinese and European markets to expand by 10 percent and 3 percent respectively, while demand in Latin American and Russia would drop by 7 percent and 10 percent respectively.