French car sales upturn prompts upgrade to 2015 forecast (updated)

Renaissance Global

01/04/2015 10:04

(Adds CCFA comment, detail, background) 
    By Laurence Frost and Gilles Guillaume 
    PARIS, April 1 (Reuters) - France's car sales recovery 
picked up in March, the CCFA industry association said on 
Wednesday, with national champions PSA Peugeot Citroen  PEUP.PA  
and Renault  RENA.PA  both showing strong gains as mid-market 
brands bounced back. 
    The CCFA raised its 2015 forecast after monthly 
registrations rose 9.3 percent to 196,572 cars. Corrected for 
this year's additional sales day, the year-on-year gain was a 
more modest 4.3 percent but still stronger than February's. 
    "France is on trend to catch up with the European market 
growth rate," CCFA chief Patrick Blain said. 
    The industry group raised its market forecast from "stable" 
to a 2 percent gain this year, close to many industry 
predictions for Europe as a whole. 
    With unemployment stuck at about 10 percent, many French 
consumers stayed away from showrooms throughout 2014 while 
demand recovered steadily elsewhere.  ID:nL6N0SW3M9  
    But the pace of sales picked up in January, leading to a 6.9 
percent expansion for the French market in the first quarter, 
with mid-market brands recovering from deep declines. 
    PSA Peugeot Citroen posted a 7.9 percent sales increase, led 
by the Peugeot brand's 12 percent advance. The Renault marque's 
13 percent gain more than made up for a near-10 percent drop at 
low-cost Dacia, with group registrations up 8.1 percent. 
    Ford  F.N , which suffered more than most in the downturn, 
posted a 19 percent rise in March, with Toyota  7203.T  up 18 
percent and Fiat Chrysler  FCHA.MI  climbing by 12 percent. 
    European market leader Volkswagen's  VOWG_p.DE  French car 
sales rose only 1.7 percent. 
    Delivery van registrations also rose nearly 11 percent in 
March, the CCFA said, taking the overall gain in French light 
vehicle sales to 9.5 percent. 
 
 (Editing by James Regan and David Goodman) 
 ((laurence.frost@thomsonreuters.com; +33 1 49 49 56 83; Reuters 
Messaging: laurence.frost.thomsonreuters.com@reuters.net)) 
 
Keywords: FRANCE VEHICLEREGISTRATIONS/