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Peugeot Q1 sales fall 1.4 pct on currencies

PSA Peugeot Citroen PSA posted a 1.4 percent drop in first-quarter group sales, dragged down by negative currency effects, but the French carmaker said it was more optimistic about the European auto market this year.

Quarterly revenue reached 12.998 billion euros ($14.68 billion), Peugeot said on Wednesday, down from 13.185 billion a year ago. Sales rose 1.5 percent at constant exchange rates.

Krisztian Bocsi | Bloomberg | Getty Images

Sales volumes fell 1.7 percent during the quarter to 699,800 vehicles, Peugeot added, with an 18 percent drop in China outweighing a 5.9 percent rise in Europe.

Peugeot lifted its forecast for the European auto market, saying it now expected growth of 4 percent this year versus 2 percent previously.