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Peugeot's China, Europe sales decline offset by Iran

Reuters  |  PARIS 

PARIS (Reuters) - PSA Group said first-half dipped in and continued to plunge in China, although the French carmaker's formal return to the Iranian market kept its global numbers in positive territory, with a 2.3 percent overall gain.

The maker of Peugeot, Citroen and DS cars, which has agreed to buy Opel from General Motors in a deal closing this year, recorded 1.58 million worldwide vehicle in January-June, up from 1.54 million a year earlier.

But PSA's Chinese woes deepened, with tumbling another 49 percent to just 152,380 vehicles and the Citroen brand down 63 percent. The prolonged slide has prompted a management and distribution shake-up as well as pledges by Chief Executive Carlos Tavares to rush out more SUVs.

"Outside China, where we are restructuring our network, global of Citroen are increasing," brand head Linda Jackson said in a company statement.

In Europe, PSA's home region as well as its biggest, also dropped by 1.9 percent to 1.04 million vehicles, essentially weighed down by a sharp decline for the upscale DS brand, which slumped 45 percent.

Iran, however, was a bright spot in the first-half numbers. The resumption of official in the country helped PSA more than triple its Middle East and Africa deliveries to 277,971 vehicles. Excluding that region, PSA's were down 11 percent.

(Reporting by Laurence Frost; Editing by Sudip Kar-Gupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 12:03 IST