PSA Peugeot Citroen 1st-Qtr Sales Climb 27% on Popular Models
Paris, April 25 <A HREF="aol://4344:30.bloombrg.389091.602536905">(Bloomberg)<
/A> -- PSA Peugeot Citroen said first- quarter revenue climbed 27 percent as
rising consumer spending throughout Europe saw car buyers snapping up its
popular Peugeot 206 and Citroen Xsara Picasso models.
Europe's second-biggest carmaker said sales climbed to 11.64 billion euros
($10.7 billion) in the first three months of the year, up from 9.16 billion
euros in first-quarter of 1999. Excluding the impact of acquisitions the
growth rate would have been 24 percent, the company said.
The French carmakers' association, the CCFA, expects car sales in France will
grow by 4.7 percent to 2.25 million units this year as falling unemployment
persuades shoppers to save less and spend more. The government expects the
economy will grow by about 3.6 percent this year, its fastest growth rate
since 1989 and faster than other major European economies.
The sporty Peugeot 206, which anecdotal evidence suggests is selling well
among younger car buyers, was responsible for an unspecified proportion of
the rise in sales, the company said. Peugeot is also seeing strong sales for
the new Citroen Xsara Picasso, which is built in Spain and went on sale in
January.
The first-quarter sales announcement came after the close of Paris trading.
Peugeot Citroen's shares rose 3.4 euros, or 1.5 percent, to close at 228.
Apr/25/2000 14:55
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