French car manufacturer PSA remains profitable despite COVID-19 bite

Source: Xinhua| 2020-07-28 17:20:59|Editor: huaxia

PARIS, July 28 (Xinhua) -- French leading car manufacturer PSA said on Tuesday that the company remained profitable during the first six months of 2020 in spite of sales plunging due to the COVID-19 pandemic.

During the period, PSA made a net profit of 595 million euros (697 million U.S. dollars), a drop of two-thirds compared with the same period last year, according to the company.

Sales declined 34.5 percent to 25.1 billion euros during the first half of this year as stay-at-home orders have kept clients out of car showrooms.

"These past years we have stressed that for us that lowering the breakeven point is a clear strategy for us and the first half of 2020 showed that it is the right strategy in a chaotic world," Carlos Tavares, chief executive officer of the company, said in a conference call.

PSA, including brands Peugeot, Citroen and Opel, has worked to improve profit margins in recent years and begun slashing costs amid the COVID-19 pandemic. Enditem