- Groupe PSA Q1 revenue down by 15.6% at €15.2 billion;
- Automotive division[1] revenue down by 15.7% at €11.9 billion driven by a sharp volume drop partially offset by a strong product mix;
- Consolidated worldwide sales down 29%;
- The Group’s priority is to protect its employees with a reinforced sanitary protocol and prepare the future of the company.
Group revenue amounted to €15,179 million in Q1 2020 compared with €17,976 million in Q1 2019.
Automotive division revenue amounted to €11,934 million down by 15.7% compared to Q1 2019. The positive impact of product mix (+5.3%), price (+0.5%) as well as other effects (+3.5%) and sales to partners (+0.1%) partially offset the sharp decrease of volumes and country mix (-24.6%) and the negative impact of exchange rates (-0.5%).
With a total of 627,000 cars sold, Q1 2020 consolidated worldwide sales were down, impacted by the Covid-19 crisis.
Total inventory, including independent dealers and importers, stood at 715,000 vehicles at 31 March 2020 and decreased by 1,000 units from 31 March 2019.
Faurecia revenue was down at €3,739 million.
Philippe de Rovira, Chief Financial Officer of Groupe PSA said: “Having secured its liquidity and drastically cut its costs, the group now fully focuses on preparing the rebound in a chaotic economic environment”.
Market outlook: in 2020, the Group now anticipates a decrease of the automotive market by 25% in Europe, 10% in China, 25% in Latin America and 20% in Russia.
The outlook is currently difficult to assess and will depend on the scale, duration and geographic extent of the Covid-19 crisis, as well as the measures taken by the countries concerned.
Operational outlook:
Groupe PSA has set the target to deliver over 4.5% Automotive adjusted operating margin[2] on average for the period 2019-2021.
Link to the presentation of Q1 2020.
Financial Calendar
25 June 2020: 2020 General Meeting
28 July 2020: 2020 interim results
28 October 2020: Third-quarter 2020 revenue
Media contact:
Karine Douet +33 6 61 64 03 83 – karine.douet@mpsa.com
Valérie Gillot: +33 6 83 92 92 96 – valerie.gillot@mpsa.com