In Western Europe demand for passenger cars and light
commercial vehicles contracted by 4.3% in the fist quarter.
Peugeot Citroen increased registrations by 2.8% and
increases its market share to 15.6% after 14.5% in the first
quarter last year. More or less in line with expectations PSA
increased sales by 5.4% to EUR 13.4bn. Peugeot benefits
from Volkswagen and other competitors loosing market
shares in the Golf segment were the new 307 is gaining
customers attention. We stick to our BUY recommendation
and recommend the stock for more defensive long-term
investors.
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