Peugeot Maker PSA Sticks to Outlook Despite Virus Drag
- Sales and profit slumped in first half, but less than expected
- CEO Tavares says he sees a significant rebound in second half
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PSA Group held onto its financial outlook after generating a profit during the first half of the year, suggesting the French automaker has weathered the coronavirus pandemic better than feared.
The company posted net income of 595 million euros ($698 million) thanks to stringent cost-cutting and inventory management -- even as lockdowns hammered vehicle sales in some of its biggest markets.