FRENCH auto giant PSA today reported third quarter sales of €15.5 billion (RM75.8 billion), down just 0.8% despite massive disruption caused by the coronavirus pandemic.

PSA, which groups the Peugeot, Citroen and Opel brands, said while it had sold fewer cars in the three months to September, it had improved profitability.

Over the first half of the year, PSA saw sales plunge 34.5% to €25.1 billion, with net profit down 67.5% at €595 million.

But in the three months to September, as the market recovered in line with some easing of virus restrictions, PSA sold 589,000 vehicles, down 12.7%, while generating revenues of €12 billion, up 1.2%.

“We prioritised profitability and generating cash,” the company said.

PSA pledged to stick with its previous 2020 forecasts, putting operating profit at around 4.5% overall for the period 2019-21.

For this year, it expects the auto markets to suffer sharp declines – 25% in Europe, 30% in Latin America, 20% in Russia and 10% in China.

PSA, which is in the process of merging with Fiat Chrysler, has cut costs sharply over recent years and continues to do so. – AFP, October 28, 2020.