Peugeot and Citroen car maker makes surprise profit

PSA Group who make Peugeot and Citroen cars made a £541m profit in the first six months of 2020, despite the pandemic.

PSA Group who are currently merging with Fiat Chrysler Automobiles (FCA)  said their profits in the first half dropped to £541m, compared to €1.83bn the previous year, as sales fell by 35% 6o €25.1bn.

As showrooms reopened in July sales rebounded and PSA are expecting to report profit over the period from 2019 to 2021, with adjusted operating margins of more than 4.5%.

PSA Group said, “Results of operations and financial condition will depend on future developments, which remain highly uncertain and cannot be accurately predicted at this time.”