PSA Peugeot Citroen’s largest brand has expanded its European market share reach in the first months of 2014, healing according to Peugeot’s chief Maxime Picat.
Both Peugeot and Citroen, which are largely dependant on the European core market sales were hard hit by the six-years deep recession – and triggered the 3 billion euro cash infusion that brought China’s Dongfeng and the French state as matching stakeholders.
“We’re seeing the effects of our renewed product range that is gaining momentum,” said Picat, Peugeot’s chief executive officer. The recently unveiled European Car of the Year award that saw 308 in first position “is a plus that’s important because it gives credibility to our work. The new product range is working well and allowing us to win share in a market that’s bottoming out,” Picat added.
While Picat didn’t give any sales figures for February, the market share rise follows a drop to 6 % from 6.3 % for 2013, while the Peugeot brand in January saw its sales going up 0.2% to get back to the 6.3% figure.
On a side not to the planned Dongfeng alliance, Picat said that in China, the world’s largest automotive market, Peugeot’s sales are forecasted to grow by 27 % this year, to a tally of 330,000 vehicles.