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4/21/2020, 8:20 AM (Source: TeleTrader)
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PSA reports Q1 revenue of €15.2B, down 15.6% YoY

Groupe PSA reported on Tuesday that its revenue totaled €15.2 billion in the first quarter of fiscal 2020, representing a decrease of 15.6% compared to the same period a year ago.

Automotive revenue fell by 15.7% from the first trimester of 2019 to €11.9 billion in the first three-month period in 2020. The automaker sold 627,000 cars in the first quarter, which was 29.2% down year-on-year, attributing the decline to the global coronavirus pandemic.

"Having secured its liquidity and drastically cut its costs, the group now fully focuses on preparing the rebound in a chaotic economic environment," Chief Financial Officer Philippe de Rovira commented in the company's press release.

Breaking the News / MS