Peugeot Citroen boosted by emerging markets

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Peugeot Citroen boosted by emerging markets

Peugeot Citroen boosted by emerging markets
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PSA Peugeot Citroen has raised its profit target due to brisk sales in new markets.

The French carmaker said in the third-quarter it sold 10 percent more vehicles than in the same period last year.

It was also more optimistic in its forecasts for the European, Chinese and Latin American markets.

Peugeot Citroen, which is Europe’s second-biggest carmaker, said full-year operating profit would now exceed its previous target of 1.5 billion euros.

It expects growth in the Chinese market of close to 20 percent this year.

Previously it had said only that there would be double-digit growth.

China last year overtook the US to become the world’s biggest buyer of cars.

The European market will fall around five percent this year Peugeot Citroen believes. Its earlier forecast was for of a dip of around seven percent.

It said it sees growth in Latin America at close to 10 percent for the full year.

Markets in Asia and Latin America have been a life-saver for European manufacturers faced with wary consumers in major western economies after the ending of sprappage schemes that propped up demand during the debt crisis.