PSA forecasts automotive decline in Europe in 2020

French car maker PSA anticipates a year-on-year decline of -3% in the automotive market in Europe in 2020 and by -2% in Russia. It also foresees a stable automotive market in Latin America, Kallanish learns from the group’s 2019 financial statement.

PSA manufactured 1,226,000 cars in France in 2019 representing 36% of its global production output. Fifteen models are manufactured in France, including high value-added models at five assembly plants. 33% of the models produced in France are for the domestic market and 67% are exported to the rest of Europe and beyond. Last year PSA exported 379,000 vehicles, up 5% versus 2018.

“PSA continues to have strong roots in France… …ensuring that its “French plants are competitive in a challenging economic environment, while also contributing to the energy transition,” chairman of Groupe PSA’s Managing Board Carlos Tavares says in a note.

The company’s total inventory, including independent dealers and importers, stood at 606,000 vehicles at 31 December 2019, down 74,000 vehicles compared to 31 December 2018, PSA says.