French car manufacturer PSA expects sales to fall in different regions this year. The group behind brands such as Peugeot, Citroën and Opel is more pessimistic about sales in Latin America and in Russia.
Earlier this year, the presentation of the half-year figures in Russia was still counting on growth. Sales declines are also assumed in Europe and China.
Almost the entire sector is struggling with weakening demand, increasing competition from relative newcomers such as Tesla and the emergence of electric driving, which requires substantial investment. For example, last week Renault’s competitor cut the profile.
PSA sales in the third quarter rose 1 percent to 15.6 billion euros. That was better than the average analysts were counting on. PSA did good business with the launch of new models. This compensated for the influence of negative exchange rate effects and of hyperinflation in Argentina. In total, around 674,000 cars were sold during the three-month period. The company did not provide any profit figures.