PSA has posted record net income of EUR1.3bn (US$1.5bn), with Group revenue up 5% to EUR29.2bn.

“Group PSA record performance was achieved thanks to our customers who have made our last commercial launches great successes and thanks to the continuous commitment of all Group employees in the execution of the Push to Pass plan, combining agility and business sense,” said PSA Group chairman, Carlos Tavares.

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“The way the teams overcame headwinds brings confidence for the coming challenges.”

Automotive revenues amounted to EUR19.8bn, up 3.6% compared to the first half of 2016, benefiting from new models and pricing discipline.

Market outlook:

For 2017, the Group expects the automotive market to grow by around 3% in Europe and 5% in China, Latin America and Russia.

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Operational targets:

The Push to Pass plan sets the following targets:

  • Deliver more than 4.5% Automotive recurring operating margin on average in 2016-2018 and target more than 6% by 2021.
  • – Deliver 10% Group revenue growth by 2018 vs 2015 and target additional 15% by 2021.