FRENCH car maker PSA Peugeot Citroen said it increased the proportion of its sales of cars and light commercial vehicles outside Europe in the first half as it chases growth in emerging markets.
Like other European auto makers, PSA is focusing efforts on fast-growing regions including China and Latin America as economic uncertainty and austerity measures mean sales stagnate closer to home.
The car maker said the proportion of sales outside Europe rose to 38 per cent in the first half, compared with 35 per cent in the first half of 2010. It confirmed its target of 50 per cent of sales outside Europe by 2015.
PSA said worldwide sales of cars and light vehicles rose 0.2 per cent in the first half to 1.86m. Excluding sales of completely knocked-down units, vehicle kits that are sold for assembly in markets like Iran, sales of assembled vehicles rose 2.1 per cent to 1.65m.
PSA blamed an “unfavourable market mix” for a decline in European market share, which reached 13.9 per cent in the first half, compared with 14.2 per cent in 2010. Traditionally strong markets for the group like France, Italy and Spain either showed weak growth or sales declines.
PSA sales of cars and LCVs in Europe fell 5.3 per cent in the first half, against a market decline of 0.8 per cent, PSA said.
City A.M. Reporter