Data provided by iNet BFA
Loading...
See More

Peugeot worldwide sales plummet

Jan 09 2013 10:13 AFP

Peugeot RCZ 2.0 HDI

Related Articles

Peugeot gets government rescue

Peugeot slashes jobs, sparks backlash

Peugeot shares jump on strong sales

VW sales up, warns on debt crisis

Peugeot takes €819m knock

Renault's South Korea unit to cut 80% of staff

 

Paris - French auto giant PSA Peugeot Citroen said that global sales plunged by 16.5% in 2012 owing to contracting demand in debt-crippled southern Europe and the suspension of its activities in Iran, in a statement on Wednesday. 

"PSA Peugeot Citroen recorded worldwide unit sales of 2 820 000 assembled vehicles, down 8.8%. Together, sales of assembled vehicles and CKD (completely knocked down) units totalled 2 965 000, down 16.5%," the group said. 

Peugeot Citroen, Europe's second-biggest carmaker, said the economic crisis in Europe explained its poor results. 

"Southern Europe, where PSA Peugeot Citroen has a particularly large presence, was hit hardest, with the market down 13.3% in France, 14.9% in Spain and 20.9% in Italy," it said. 

Its decision to pull out of Iran early last year also affected group results. 

"The decision to suspend sales of CKD units in Iran as from February in compliance with international regulations, which made it impossible to finance Iran-bound sales due to tighter international sanctions, also impacted group sales in 2012," PSA said. 

The carmaker had sold 457 900 CKD units in Iran in 2011. 

Peugeot's decision to suspend business in Iran was to comply with international sanctions against the Islamic republic over its nuclear programme. 

France also came under intense pressure from Washington lobbies to shut down its thriving operations in Iran after US auto giant General Motors acquired a 7.0% shareholding in PSA.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

vehicle sales
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Disregard of interest rate impact deplored

A Fin24 user protests what he sees as disregard of the broader impact of increased interest rates on those who cannot yet say "bring it on" with a smile.

 
 

Start saving...

No need to keep up with the Joneses
Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...