French carmakers gain ground in recovering home market
PARIS (Reuters) - French car sales rose for a second consecutive month in October, with PSA Peugeot Citroen (PEUP.PA) and Renault (RENA.PA) reclaiming some lost ground from Volkswagen (VOWG_p.DE), according to industry data published on Monday.
Registrations advanced 2.6 percent to 166,515 cars last month, building on September's 3.6 percent year-on-year gain, France's CCFA auto industry association said in a statement.
Paris-based Peugeot posted a 4.1 percent sales gain helped by recent models such as the 308 compact and 2008 mini-SUV. Renault sales rose 5.8 percent, boosted by its similarly sized Captur model.
"This is a strong showing by the French carmakers in a positive market," CCFA spokesman Francois Roudier said.
The association improved its French market outlook, predicting a 6 percent decline for 2013 - smaller than the 8 percent contraction previously forecast.
Over the past two years, Renault and Peugeot have seen their combined domestic market share decline 2.6 percentage points to 53.6 percent for January-October, as rivals such as Volkswagen and Hyundai (005380.KS) have grabbed a bigger slice of shrinking demand.
But Volkswagen lost ground last month with a 3.6 percent French sales decline as Renault, Peugeot and Fiat (FIA.MI) all benefited from the rebound. The Italian carmaker's sales rose 2.5 percent.
Hyundai and affiliate Kia (000270.KS) posted a combined 5.8 percent increase in French sales, with Japan's Toyota (7203.T) not far behind at 5.2 percent.
General Motors (GM.N) sales jumped 9.4 percent thanks to a 31 percent surge by its Chevrolet brand.
French delivery van registrations also advanced 3.7 percent last month, the CCFA said, taking the overall gain in light vehicle sales to 2.8 percent.
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