Peugeot have reported profits for the first time in three years. This has been a long time coming for the French automobile manufacturing company and the strategy presented earlier this year is already starting to bear fruit.
When you take into consideration that Peugeot were running at a net loss of £377million last year, this figure is now down to £90million which is a vast improvement. Earlier this year Peugeot sold stakes in the company to the French government and the Chinese company Dongfeng Motor Group. You can read more about this by clicking here.
Over the past couple of years Peugeot have reported losses of £5.8billion and selling shares of the company to both the French government and Dongfeng Motor Group has contributed to allowing the company to recuperate around £2.4billion.
Carlos Tavares, the new Chief Executive of PSA Peugeot Citroen announced his new strategy earlier this year which includes cutting the Peugeot model line-up by around half and raising price positioning. You can read our full article on this strategy here.
From January to June this year, the operating cash flow has risen to £1.33billion compared with only £163million the year before. By the looks of things, Peugeot are on the road to recovery and we hope that this can help to see the company back competing at the top, where they belong.
Do you think this could be a turnaround for Peugeot? Share your thoughts with us in our comments box below.
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