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.
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)