Shanghai, October 28 (Gasgoo.com) French carmaker PSA Peugeot Citroen Group announced yesterday that its sales revenue slumped in the third quarter, with registered models in China fell by 6% while still posting large increase in Russia and South America, Beijing News reported today.
The third quarter sales revenue of PSA reached 13.301 billion euros and group sales totaled 44.6 billion euros in September. Due to the auto market downturn in recent times, PSA sales revenue related to auto business was down 7.1% year on year to 10.184 billion euros. The group is likely to suffer a loss of up to 8% in the annual sales revenue.
The European auto giant has seen its market slow down in the emerging China. Earlier this year Dongfeng Peugeot-Citroen, PSA’s joint venture in China, lowered this year’s sales target to 110,000 units from 175,000.
The joint venture’s vice general manager Tang Teng said he has no hope of fulfilling the sales target for 2008.
