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Peugeot sales tumble in China and Europe, while Iran fares better

Reuters  |  PARIS 

PARIS (Reuters) - PSA Group said its vehicle rose 2.3 percent in the first half, as the French carmaker's formal return to the Iranian market helped offset a continuing plunge in as well as a weak European performance.

The maker of Peugeot, Citroen and DS cars said on Thursday it had recorded 1.58 million globally in January-June, up from 1.54 million a year earlier.

But PSA's Chinese woes continued, with plunging by another 49 percent to just 152,380 vehicles in the period. The year-long slide has prompted a management and distribution shake-up in the region, as well as pledges by Chief Executive Carlos Tavares to rush out more SUVs.

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 in upscale DS brand sales, which slumped 45 percent.

Iran, however, was a bright spot in the first-half numbers. The resumption of consolidated in the country helped PSA more than triple its Middle East and Africa to 277,971 vehicles.

(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.)