PSA picks Peugeot brand for U.S. return after profit record

Record ID: 1397283

  • Title: PSA picks Peugeot brand for U.S. return after profit record
  • Date: 26th February 2019
  • Summary: GENEVA, SWITZERLAND (FILE - MARCH 6, 2017) (REUTERS) STATUE OF PEUGEOT LOGO SIGN FOR PEUGEOT VARIOUS OF CAR AT PEUGEOT STAND PEUGEOT 3008, CAR OF THE YEAR 2017, ON STAGE SIGN ON PEUGEOT CAR READING (French): "CAR OF THE YEAR 2017 FINALIST" VARIOUS OF PEUGEOT 3008 GENEVA, SWITZERLAND (FILE - MARCH 8, 2017) (REUTERS) OPEL LOGO CAR AT OPEL STAND VARIOUS OF CROSSLAND X CAR VAR
  • Embargoed: 12th March 2019 11:02
  • Keywords: French carmaker PSA Group Peugeot Opel-Vauxhall Carlos Tavares Peugeot-Citroen-DS United States
  • Location: RUEIL-MALMAISON, FRANCE / GENEVA, SWITZERLAND / UNKNOWN LOCATIONS
  • City: RUEIL-MALMAISON, FRANCE / GENEVA, SWITZERLAND / UNKNOWN LOCATIONS
  • Country: France
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA002A37XL53
  • Aspect Ratio: 16:9
  • Story Text: PSA Group's Peugeot lineup will lead a return to the United States after an absence of almost three decades, as part of a drive to address the group's dependence on Europe, Chief Executive Carlos Tavares announced on Tuesday (February 26).
    Europe now accounts for 80 percent of PSA's global vehicle sales following the acquisition of General Motors' Opel division in 2017.
    The group last year opened a long-promised assault on the North American market with its Free2Move car-sharing operations in Seattle and Washington D.C., but the Peugeot brand relaunch will bring its first vehicle sales in the region since 1991.
    The Citroen brand will also launch in India, while Opel returns to Russia in pursuit of a 50 percent group sales increase outside Europe by 2021, Tavares said, adding that the North American market would be supplied from plants in Europe and China.
    Under Tavares, strong sales of the Peugeot 3008 and 5008 SUV models and the acquisition of Opel-Vauxhall have helped to build on PSA's steady recovery from near-bankruptcy in 2013-14. On Tuesday, it raised medium-term profit guidance and posted record full-year sales and earnings.
    Sales rose 19 percent in 2018 from a year earlier to a record 74.03 billion euros but fell short of the 74.76 billion predicted by an Infront Data analyst poll.
    The performance "demonstrates the ability of our group to deliver a profitable and recurring growth", Tavares said.
    (Production: Pascale Antonie)
  • Copyright Holder: FILE REUTERS (CAN SELL)
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