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Peugeot PSA Group maintained its margin target despite the drop in profitability in the first part of 2020, when the coronavirus pandemic affected sales of the French group.
PSA, which has a merger agreement with Italy’s Fiat Chrysler, points to a “solid uptick” at this time of year, President Carlos Tavares said in a statement.
A drop in the company’s sales was accentuated at the time of the quarter, with a profit drop of 34.5% in the first six months of 2020 to 25.12 billion euros ($29.47 billion), while adjusted operating margins in the automotive department fell to 3.7% from 8.5% at the end. 2019.
PSA, however, reiterated an average margin target above 4.5% in the automotive unit for 2019 to 2021.
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