(MENAFN) French automaker Peugeot Citroen reported a 7 percent decline in quarterly sales, blaming the collapse of markets in southern Europe for the weak performance, AP reported.
The company said it made USD18.82 billion revenue during in the first quarter, down from a year earlier.
Peugeot Citroen sales plunged 20 percent across all of Europe, with falls of 19.4 percent in France and 22.4 percent in Italy.
The company's core automotive unit's revenue fell nearly 17 percent in the first quarter to USD9.2 million. Global sales stood at 790,100 vehicles during the quarter.
Peugeot Citroen's car parts, financing and logistics divisions managed to partly offset weakness in the car making business.
In March, Peugeot Citroen chairman Philippe Varin announced a new alliance with General Motors Corp., as the company seeks to return to long-term profitability in Europe.
Under that alliance, GM became the French automaker's second-largest shareholder with a 7-percent stake, behind the Peugeot family, whose stake dropped from 31 percent to around 25 percent.