Peugeot Citroen sees sales plunge

PSA Peugeot Citroen said crumbling vehicle markets across Europe are behind a steep drop in its first quarter sales.

The parent company of Peugeot and Citroen reported a 10.3% drop in sales at its automobile division to €8.72bn for the January to March period, down from €9.72bn a year earlier.

Combined Peugeot and Citroen vehicle sales fell 16.9% in Europe, where it saw its market share slip as the overall car market fell 10%.

In a statement today, the company said it expects the European car market to decline 5% over the full year.

Including PSA’s car parts and financing arms, total revenue in the quarter fell 6.5% to €13bn.