PSA slump drags on as company shakes up partnership
PSA Peugeot Citroen's sales in China and Southeast Asia plunged nearly 49 percent to 152,380 in the first six months as the French automaker scrambled to carry out a turnaround plan.
All three PSA brands performed poorly in the first half; Peugeot sales slumped 37 percent to 103,161 while Citroen deliveries crashed 63 percent to 46,062.
The company's upscale DS brand fared worst of all, with volume dropping nearly 64 percent to 3,157 vehicles.
The company did not post country-by-country results for Asia but China accounts for nearly all of its deliveries in the region.
Later this year, the company hopes to get a lift from the launch of the C5 Aircross in China. The company also is shaking up its Chinese partnerships.
PSA signed an agreement last month with joint venture partner Chongqing Changan Automobile Co. to accelerate product development and the rollout of the DS brand in China.
The partners will jointly invest 500 million euros (3.7 billion yuan) to recapitalize the joint venture and introduce new models including electric vehicles under the Citroen DS brand
The joint venture builds Citroen DS models -- the DS 4S, DS 5, DS 6 and DS 7 -- in the south China city of Shenzhen.
PSA also operates a joint venture with Dongfeng Motor Co. in the central China city of Wuhan that produces vehicles for the Citroen and Peugeot brands.
The company's upscale DS brand fared worst of all, with volume dropping nearly 64 percent to 3,157 vehicles.
The company did not post country-by-country results for Asia but China accounts for nearly all of its deliveries in the region.
Later this year, the company hopes to get a lift from the launch of the C5 Aircross in China. The company also is shaking up its Chinese partnerships.
PSA signed an agreement last month with joint venture partner Chongqing Changan Automobile Co. to accelerate product development and the rollout of the DS brand in China.
The partners will jointly invest 500 million euros (3.7 billion yuan) to recapitalize the joint venture and introduce new models including electric vehicles under the Citroen DS brand
The joint venture builds Citroen DS models -- the DS 4S, DS 5, DS 6 and DS 7 -- in the south China city of Shenzhen.
PSA also operates a joint venture with Dongfeng Motor Co. in the central China city of Wuhan that produces vehicles for the Citroen and Peugeot brands.
