Currently reading: PSA Group 'shows resilience' with profit in first half of 2020
French car giants revenue his by coronavirus disruption but still records profit in first six months of the year

PSA Group boss Carlos Tavares says that the car giant is on track to rebound strongly from the coronavirus pandemic in the second half of 2020, after posting a profit in the first six months.

The French firm, whose brands include Citroën, DSPeugeot and Opel/Vauxhall, was hit by disruption and lockdowns. Its global sales of 1,033,000 from January to June 2020 were down 45.7% from the 1,903,000 vehicles sold in the same period last year.

Despite that, PSA still posted a profit of €595 million (£533m) for the first half of 2020, although that was sharply down on the €1.83 billion (£1.64bn) profit for the same period of 2019.

Tavares said: “This result proves the Group’s resilience, as a reward of six consecutive years of intense work to increase our agility and lower our breakeven point. The Group is also weathering this crisis thanks to the commitment of the teams, focused to deliver a clean, safe and affordable mobility for our customers.”

The PSA profit result is stronger than those of some rival firms, which financial analysts partly attributed to Tavares-led efforts to reduce production costs. Tavares also said that, following the lifting of lockdown restrictions in Europen sales in June and July, showed the firm was on track for a strong rebound, with orders books in an “excellent” position.

Tavares also reiterated that PSA’s merger with Fiat Chrysler Automobiles – creating a new company named Stellantis – is on course to be completed by the end of the first quarter of 2021.


Merged PSA-FCA company to be called Stellantis

PSA Group closes factories to prevent coronavirus spread

Analysis: how PSA boss Tavares transformed the car group

James Attwood

James Attwood, digital editor
Title: Acting magazine editor

James is Autocar's acting magazine editor. Having served in that role since June 2023, he is in charge of the day-to-day running of the world's oldest car magazine, and regularly interviews some of the biggest names in the industry to secure news and features, such as his world exclusive look into production of Volkswagen currywurst. Really.

Before first joining Autocar in 2017, James spent more than a decade in motorsport journalist, working on Autosport,, F1 Racing and Motorsport News, covering everything from club rallying to top-level international events. He also spent 18 months running Move Electric, Haymarket's e-mobility title, where he developed knowledge of the e-bike and e-scooter markets. 

Join the debate

Add a comment…
Andrew1 28 July 2020


Very strange. If you believe the snobs on British motoring magazines nobody buys these French "junk".
Rick Maverick 28 July 2020

Maestro Charly

From the get-go in 2013, CT's focus was on efficiency without neglecting the human dimension.

Brilliant CEO.