Jul 27, 2020 Groupe PSA, Stellantis, Carlos Tavares
Groupe PSA remains profitable in H1 2020 despite Covid
Carlos Tavares, Chairman of Groupe PSA Managing Board said: “This H1 result proves the Group’s resilience, as a reward of 6 consecutive years of intense work to increase our agility and lower our breakeven point. The Group is also weathering this crisis thanks to the commitment of the teams, focused to deliver a clean, safe and affordable mobility for our customers. We are determined to achieve solid rebound in the second half of the year, while finalizing the birth of Stellantis before the end of Q1 2021.”
Group revenue amounted to €25,120 million in H1 2020, down by 34.5% compared to H1 2019.
Automotive division revenue amounted to €19,595 million down by 35.5% versus H1 2019, mainly driven by the negative impact of volumes and country mix (-40.5%), the decrease of sales to partners (-0.5%) and the impact of exchange rates (-0,6%); conversely, revenues benefited from the positive effect of product mix (+3.4%) and price (+0.4%), as well as others (+2.3%).
Group adjusted operating income3 amounted to €517 million, down 84.5% with Automotive adjusted operating income down 72.5% at €731 million. This 3.7% profitability level was reached despite the sharp decline of automotive markets and thanks to a positive product mix and cost reductions.
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