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Opel parent company PSA with sales slump
The French Opel parent PSA clearly felt the consequences of the coronavirus pandemic in the first quarter.
The automaker's sales slumped in the first quarter by 15.6 percent to 15.2 billion euros, as the group announced on Tuesday in Rueil-Malmaison near Paris. Global sales slumped in the first quarter of the year by a good 29 percent to around 627,000 vehicles sold. PSA did not provide any information on the profit.
PSA CFO Philippe de Rovira pointed out that the group had secured its liquidity and drastically reduced costs in view of the effects of Covid-19. He spoke of a “chaotic economic environment” and emphasized that the company was now fully focused on mastering the crisis.
The market outlook for PSA for the current year 2020 looks bleak. The French now expect a slump of around a quarter in Europe and Latin America, a decline of 20 percent in Russia and 10 percent in China. The forecast depends, among other things, on the duration and spread of the virus crisis and the measures taken by the countries concerned.
PSA recently announced that it would increase its financial leeway in view of the Corona crisis with an additional credit line worth billions. The French had stopped production in 15 car plants in Europe, including the German subsidiary Opel, because of the rampant pandemic. PSA is currently preparing for its mega-merger with the Italian-American auto company Fiat Chrysler. In addition to Opel and its British sister brand Vauxhall, the French manufacturer also owns the Peugeot, Citroen and DS brands.
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