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© Reuters. FILE PHOTO: An assembly line can be seen after PSA Peugeot Citroen was shut down last month due to the outbreak of coronavirus disease (COVID-19) in Trnava
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PARIS (Reuters) – Peugeot (OTC 🙂 manufacturer PSA Group (PA 🙂 maintained its margin target despite a decline in profitability in the first half of 2020 when the coronavirus pandemic impacted the French group's sales.
PSA, which is currently working on a merger agreement with Italy Fiat Chrysler (MI 🙂 is aiming for a "solid recovery" in the second half, said Chairman Carlos Tavares in a statement.
The company's drop in sales worsened in the second quarter. Sales declined by 34.5% to EUR 25.12 billion in the first half of 2020, while the operating division's adjusted operating margins declined from 8.5% to 3.7% at the end. 2019.
However, PSA reiterated the goal of an average margin of over 4.5% in the automotive sector for the period 2019 to 2021.
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