Car manufacturer PSA Group, parent company of Peugeot, Citroën and Opel, among others, fears that its sales will shrink this year due to the corona crisis, after a sharp decline in the first quarter.
Sales in the first three months of this year plummeted by 29 percent. Sales decreased by almost 16 percent to 15.2 billion euros. PSA thinks that the European car market will shrink by a quarter this year, just like the one in South America. A decline of 20 percent is projected in Russia and 10 percent in China.
Due to the corona crisis, PSA shut down its European factories in March and it is not yet clear when they will reopen. The French car group speaks of a chaotic economic climate. The company is fully focused on weathering the crisis, said Finance Director Philippe de Rovira.