PSA manages to keep the type. Despite the impact of the coronavirus, which in the words of its president, Carlos Tavares, “has unleashed chaos and storms” around the company, the Gallic automobile consortium achieved a profit of 595 million euros in the first half of the year. The figure, however, represents a decrease of 51.9% compared to the same period of the previous year.
For its part, the operating result of the main vehicle manufacturer in Spain by volume has fallen by 81.6%, to 376 million euros, according to Tavares detailed in a telematic press conference. On its side, turnover fell 34.5% to 25,120 million euros. Sales of the automobile division fell by 35.5%, to 19,595 million euros. For the year as a whole, the consortium estimates that the global automotive market will decline 25% in Europe and 10% in China; and 30% in both Russia and Latin America.
“We have taken very hard measures to guarantee the stability of the company in recent weeks and we have shown that agility is key,” said Tavares. The Portuguese manager has been confident in achieving a “solid” recovery in the second half of the year, already started in the automotive market in June and July.
Regarding the merger with FCA to give birth to the new Stellantis group, Tavares has assured that he expects it to be completed in the first quarter of 2021 despite the investigation opened by the European Commission on the suspicion that it may reduce competition in the market. of light commercial vehicles, in which both groups have a great weight.
“We have seen that the annual synergies that we had anticipated (3.7 billion) have realized that they are the soil,” explained Tavares, implying that his forecasts fell short. “We have to be very precise and rigorous, that’s why it is taking time, but the calendar will be in line with what was planned for December 2019.” As detailed by Tavares, more than 500 people work daily to finish the fringes of the operation.
The group, which complies with the new European CO2 emissions regulations from day one, has already reached a 6% share of electric vehicles among its sales, and plans to launch a new dedicated platform for this type of vehicle, eVMP, to from 2023. It will allow batteries of up to 100 kWh to be accommodated, offering autonomies of between 400 and 650 kilometers in the WLTP cycle. The first model that will equip it will belong to the C-SUV segment, and will be marketed from 2023.
The consortium has also announced the spin-off of its mobility services brand, Free2Move, as an independent company 100% owned by PSA, although it will continue to be led by Brigitte Courtehoux. The turnover of this division, which groups the group’s car-sharing and rent-a-car services, has increased by 23% in the first half.