July 17, 2014 / 6:36 AM / in 3 years

Europe rebound lifts Peugeot sales despite overseas slump

PARIS, July 17 (Reuters) - PSA Peugeot Citroen’s first-half vehicle deliveries rose 5.5 percent, the French carmaker said on Thursday, as a European recovery and Chinese expansion made up for a currency-driven sales collapse in the rest of the world.

Deliveries rose to 1.54 million vehicles in January-June from 1.46 million a year earlier, Peugeot said in a statement.

The Paris-based carmaker, which is struggling to return to profitability under new Chief Executive Carlos Tavares, gained market share in Europe with the help of new models and recovering demand in France, Spain and Britain.

Sales rose 28 percent in China, where the group is making up for lost time by expanding production in separate joint ventures with Changan and Dongfeng Motor Group.

But Peugeot blamed a weakening of emerging-market currencies for a brutal sales decline in almost every other major market.

“We need to remain focused on executing our roadmap, as the external environment is still unstable, particularly in Europe, Latin America and Russia,” Tavares said in the statement. (Reporting by Laurence Frost; Editing by Dominique Vidalon)

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