PSA Post Pandemic Profit

Tue 28th Jul 2020

The company behind Citroen, DS, Peugeot and Vauxhall have bucked a global motoring downturn by posting strong profits for the opening six months of 2020.

With global pandemic lockdown justifiably impacting many of the major manufacturers, PSA Group have ridden the storm to come out in profit, despite sales slumping by 45.7% from 1,903,000 to 1,033,000.
“This H1 result proves the group’s resilience as a reward of six consecutive years of intense work to increase our agility and lower our break even point,” said PSA Chairman Carlos Tavares.
“The group is also weathering this crisis thanks to the commitment of the teams, focused to deliver clean, safe and affordable mobility for our customers.
“We are determined to achieve solid rebound in the second half of the year while finalising the birth of Stellantis before the end of Q1 2021.”

The reference to Stellantis is the name of the new company which will be formed once PSA’s merger with Fiat Chrysler is completed.
Analysts have suggested that PSA have kept costs down by reducing production costs, though the company is some way short of the £1.64bn profit it posted for the same period in 2019.

In other group news it has been announced the Peugeot will tweak the design of their popular 3008 SUV within the next 12 months.