PARIS (dpa-AFX) - French car maker PSA Peugeot Citroën (PEUGF.PK) said its group revenue for the first quarter was 13.0 billion euros, of which 8.8 billion euros was for the automotive division. Group revenue increased 1.5 percent at constant exchange rates.
Global sales volumes for the quarter, excluding China, increased 3.9 percent. The results were driven by Europe, where volumes grew by 5.9 percent. For the Automotive division, new vehicle revenue fell by 1.1 percent.
Looking ahead, PSA Group said it continues to pursue its strategy of profitable growth, aimed at improving the pricing power of its three brands, Peugeot, Citroën and DS, across all regions.
The Group expects the automotive market to grow by approximately 4 percent in Europe and 5 percent in China, and to contract by approximately 10 percent in Latin America and 15 percent in Russia in 2016.
The company projects to reach an average 4 percent automotive recurring operating margin in 2016 to 2018, and targets 6 percent in 2021. It also aims to deliver 10 percent Group revenue growth by 2018 vs 2015, and targets additional 15 percent by 2021.
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