Auto Express – July 30, 2019

http://www.autoexpress.co.uk SpecialIssue 7

THISWEEK

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@stevefowler

IWASbackattheBBCagainthisweek;askedto

commentonthemanycarmakersreleasingtheir

financialresults–andtheydidn’tmakeforgoodreading.

Nissantooktheheadlineswithareported12,500jobs

goingacrosstheworld–withfolkinSunderlandcrossing

theirfingersthatitwon’tbethem(andIhopeitwon’tbe

them,either).That’soffthebackoffallingsalesthatresulted

ina94.5percentdropinnetprofitforthefirstquarter

of 2019 –adreadfulstatbyanystretchoftheimagination.

It’sbeenatorridtimeforNissanoflate,with

allegationsagainstformerbossCarlosGhosn(that

hedenies),reportedstrainsinitsAlliancewith

Renaultandaproductrangethathasdatedquickly.

TherewasbadnewsforAstonMartin,dropping

itssalesforecast,whichresultedinanalarmingfall

initsshareprice,too.EvenMercedeswastalkingabout

cuttingcostsasitreduceditsownsalesforecast.

Backathome,therewasmorewoeforJaguarLand

Rover(JLR),whichsawan11.6percentdeclineinitsglobal

salesto128,615forthelastquarter.Thatcontributedto

furtherhugelosses–apre-taxfigureof£395million,

comparedtoa£264millionlossinthesameperioda

yearago.OneslightglimmerofhopeisthatJLR’sUK

salesroseinthelastquarter–up2.6percentyear-on-year.

Timesaretoughformanycarmakers–butnotallof

them.PSApostedahealthyincreaseinprofitsfromits

Peugeot,Citroen,DSandVauxhall/Opelbrands.Thisis

oneofthemostremarkableturnaroundsinrecentyears.

PSA’stroublesareathingofthepast,withthecompany

beingtoutedasthepotentialownerforanynumberof

firms,includingJLR.Iwouldn’tbesurprisedtoseeat

leastoneofthesetakeoverrumourscometrue.

MuchofPSA’ssuccessisdowntotheimpressive

leadershipofCarlosTavares(above)–aformerNissan

executive.Whatthatcompany

(and,Isuspect,manyothers)

wouldn’tdotohavehim

atthehelmrightnow.

STEVEFOWLER

Editor-in-chief

Strong leadership is helping

PSAbuck financial trends

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