PSA/Peugeot Citroen has raised its full-year operating income target slightly as it provided more optimistic full-year forecasts for their European, Chinese and Latin American car markets.
PSA said its full-year recurring operating income would now exceed 1.5 billion euros after previously saying it was aiming for that level.
The car manufacturer said it expects growth in the Chinese car market of close to 20% this year, whereas previously it had simply forecast double-digit growth.
PSA predicted that the European market will fall around 5% in 2010, rather than the 7% dip it had predicted before, while they see growth in the Latin American region of close to 10% for 2010.
PSA, like other European car manufacturers, is increasingly relying on boosting sales in fast-growing markets like China and Brazil as demand closer to home stagnates after scrapping incentive schemes in major European markets cease.
PSA posted a 10.3% increase in third-quarter group sales to 13 billion euros while car division sales rose 2.3% to 9.5 billion euros.
Source: Automotive News