Peugeot Citroen optimistic on 2010 after strong quarter

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French auto giant PSA Peugeot Citroen said on Wednesday it was more optimistic, and expects to expand market share as it posted a 10-percent gain in quarterly consolidated sales.

"PSA Peugeot Citroen is upgrading its outlook in view of its recent performance and improved visibility," said the company which had previously forceast an operating profit of 1.5 billion euros in its automotive division for 2010.

It said it exepcted the European market to now be down five percent in 2010 instead of seven percent, and the Chinese market to grow by nearly 20 percent and that growth in Latin America should be close to 10 percent.

"In all of these markets, the Group expects to increase its market share over the full year," it said in a statement.

PSA Peugeot Citroen said third-quarter sales by its automotive division rose by 2.3 percent to 9.465 billion euros in the third quarter, taking the year-to-date increase to 9.8 percent, led by gains in market share inside and outside Europe.

Overall, consolidated third-quarter sales rose by 10.3 percent compared to the level in the same quarter last year to 12.99 billion euros, the company said.

© 2010 AFP

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