Peugeot's vehicle sales rose 2.3% to 1.6 million in the first half as a big jump in Iran helped the French car maker offset stagnant markets in Europe and Asia.
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Sales in the Middle East and Africa more than tripled to 277,931 as Peugeot, officially known as Groupe PSA (UG.FR), ramped up production in Iran in the wake of a softening of western sanctions. Sales fell 1.9% in Europe, its largest market, and dropped by almost half in China and southeast Asia as the company moved forward with a reorganization in the region.
Peugeot has among the highest profit margins among European car makers and over the past several years has favored incremental gains in profitability over growth in volume. Peugeot will soon get a big boost in volume as it gets close to sealing its $2 billion acquisition of General Motors Co.'s (GM) perennially unprofitable European unit Opel.
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(END) Dow Jones Newswires
July 13, 2017 03:20 ET (07:20 GMT)