Peugeot car firm posts 15% sales rise on Iran boost

Peugeot car firm posts 15% sales rise on Iran boost
File image.

Global sales at French carmaker PSA which includes Peugeot and Citroen jumped 15% last year as strong growth in Iran and Latin America helped to offset difficulties in the UK and China.

The owner of the Peugeot brand sold 3,632,300 vehicles in 2017, it said, a day after its domestic rival Renault announced a similarly robust performance. Shares in PSA climbed almost 2%, valuing the manufacturer at €16.4bn.

Having resumed Iran operations in 2016 after the lifting of international sanctions over Tehran’s nuclear activities, PSA sold 444,600 vehicles there last year.

There was no year-on-year comparison for Iran, but sales in Latin America jumped 12% from 2016. Sales in China fell sharply, though PSA said sales have shown signs of stabilising in recent months. Chief executive Jean-Philippe Imparato said he was far more confident on China than a year ago.

PSA said it increased market share in all of its main European countries apart from the UK, where the company is grappling with difficulties at the Opel- Vauxhall business acquired last year.

The group also reported solid sales for Peugeot and Citroen light commercial vehicles in overseas markets in the Middle East, Latin America and Asia.

In 2016 the company unveiled a strategic plan that built on a previous two-year recovery that hauled the company back from near-bankruptcy to its highest profitability in 14 years, helped by a government-led bailout.

“We currently hold Peugeot shares in our portfolio. The quality of the company has improved, with returns on capital coming back to a level above that of the automobile sector,” said fund manager Roche Brune Asset Management.


More in this Section

Uber launches appeal against London licence refusalUber launches appeal against London licence refusal

Donald Trump announces trade deal to halt new China tariffsDonald Trump announces trade deal to halt new China tariffs

Andrew Lloyd Webber wins tax fight over Barbados villasAndrew Lloyd Webber wins tax fight over Barbados villas

Economy grows 1.7% in third quarter of 2019; GDP up 5% in last 12 monthsEconomy grows 1.7% in third quarter of 2019; GDP up 5% in last 12 months


Who hasn’t dreamt of cutting ties with the nine-to-five and living off-the-grid?The great escape: What's life like off the grid?

Jazz in Europe these days exists in a highly networked environment of cultural and political bodies, festivals, promoters, musicians and educators.Jazz Connective Festival: Intriguing, exciting and uncompromising

It will be bittersweet for Stormzy that his second album arrives the day the British Labour party was confirmed as suffering a historic general election trouncing.Album review: Stormzy remains a work in progress

Unique drawings by Quentin Blake, one of Britain’s best-loved illustrators, are available at a Christie’s online auction which runs until December 17.Your chance to buy drawings by Roald Dahl illustrator Quentin Blake

More From The Irish Examiner