Peugeot Citroen sales slump25/04/2012 - 07:33:17
Peugeot Citroen said today its sales slumped in the first quarter as Europe’s recession-hit markets caused car sales to collapse across the region’s southern flank.
The Paris-based car maker says it made €15.4bn in the first quarter, down 7% from a year earlier.
The car maker blamed the collapse of markets in southern Europe for the weak quarterly performance.
Peugeot Citroen sales contracted 20% across all of Europe, with falls of 19.4% in France and 22.4% in Italy.
In a statement the company said it expected the European market to be down by about 5% over the full year, and by about 10% in France.
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