French car maker Peugeot said Wednesday that revenue grew 4.9% in the first quarter as sales of higher margin new cars helped offset currency pressure.
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Peugeot, which during the first quarter reached an agreement to buy General Motors Co.'s (GM) European business, said revenue climbed to 13.6 billion euros ($14.89 billion). Unfavorable exchange rates were responsible for a 1% decline in sales.
The company, officially known as Group PSA (UG.FR), said it expects the automotive market to grow by about 1% in Europe this year. Growth in China is seen at 5% and Latin America at 2%, while Russia is forecast to remain little changed from last year.
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(END) Dow Jones Newswires
April 26, 2017 02:27 ET (06:27 GMT)