Peugeot posts mid-term financial report

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The PSA Group, owners of Peugeot brand of vehicles, posted a group revenue of €27,779m in the first half of 2016, with the automotive division revenue amounting to €19.190m up by 2.5 per  cent compared to the first half of 2015.

This development, the group noted in a statement, was attributable to the success of the car models and its pricing power strategy.

Peugeot outlined plans to return to consistent sales growth as the French car maker sought to build on its recovery from near bankruptcy to healthy profit.

Total inventory, including independent dealers worldwide sales, stood at 399,000 vehicles on June 30, 2016, up by 8,000 units from the end of June 2015.

Net financial position as of June 30, 2016 was €5,972m, up by €1,412m from the figure recorded on December 31, 2015.

With the global market outlook for 2016, the automotive market is expected to grow by four per cent in Europe and eight per cent in China.

Peugeot said it was aiming to introduce new vehicles each year in what the Chief Executive of PSA Group, Carlos Tavases; described as a “global product and technology offensive.”

In a related development, the Managing Director/Chief Executive Officer, PAN Nigeria Limited, assemblers of Peugeot brand of vehicles in Nigeria, Mr. Ibrahim Boyi, reiterated the company’s operative strategy of dealership expansion base and to maintain its leadership position in the Nigerian automobile market.

The managing director was quoted to have said, “We are enjoying good patronage in Nigeria with large orders from the government and the organised private sectors, particularly the 301 and 508 models.”

Source:Punch Newspaper

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