Shanghai October 21 (Gasgoo.com) PSA Peugeot Citroe, Europe's second-largest car manufacturer said yesterday its market value in China increased 17.7% in the third quarter and is expected to grow nearly 20% this year, Xinhua News Agency reported Thursday, citing a company statement.
PSA's market share in China has gained 30.9% over the same period last year to 3.4%. In the third quarter, it signed an agreement with China Changan Automotive group to make light commercial and passenger vehicles, and meanwhile defined new corporate governance guidelines for its joint venture with Dongfeng Motor Corp. Through these initiative, the French automaker plans to give the joint venture additional resources to speed its growth in the Chinese market and raise its market share to 5% by 2015, according to the statement.
The statement also shows PSA's market value in Europe shrank 11.4% in the third quarter and will shrink 5% this year; while its market value in Latin America rose 11.8% in the same period and will rise approximately 10% this year.
PSA's turnover in the first three quarters totaled 13.0 billion euros, a year-on-year growth of 10.3%. PSA global sales in the same period climbed 2.6% from a year earlier to 808,400 units. In the January-September period, the automaker saw its global sales jump 12.2% year on year to 2.66 million units.
PSA has thus raised its earnings estimates for 2010. The automaker said its operating profit will exceed 1.5 billion euros this year and its automobile manufacturing and sales should break even in the second half.
