PSA Group’s automotive division recorded €8.8bn (£6.8bn)revenue in Q1 2016, down 1.1% compared to the same period in 2015.

PSA said the fall in revenue was as a result of a negative impact from changing exchange rates, and that sales volume – excluding China – increased 3.9% over the period. If China was included, however, total PSA sales over the quarter fell by 1.7%.

In Europe, PSA’s largest market, sales increased 5.9% over the first quarter compared to the same period 2015, to 464,900 vehicles.

Total PSA Group vehicle sales reached 699,800, down from 712,200 in Q1 2015.

Jean-Baptiste de Chatillon, chief financial officer of the PSA Group and member of the management board, said: "Mobilised around the ambitious objectives of our Push to Pass profitable growth plan, our three brands benefited fully from the success of the ‘Back in the Race’ plan and the strong growth of the European market. Despite the volatile environment, we are confident in our performance and the achievement of our goals."

Looking ahead, the Group said it expected the automotive market to grow by approximately 4% in Europe and 5% in China, and to contract by approximately 10% in Latin America and 15% in Russia in 2016.

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Overall PSA Group revenue hit €13bn in Q1 2016, up 1.5% at constant exchange rates compared to the same quarter in 2015. The growth came from PSA’s R&D and automotive interior developer Faurecia.