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October 25, 2017

Revenues growth for GM Financial, PSA, Fiat Chrysler and Renault

A number of auto makers have released their results for the three months ending September 30, 2017.

By Lorenzo Migliorato

A number of auto makers have released their results for the three months ending September 30, 2017.

General Motors’ (GM) financial division saw its revenues grow 34% year-on-year to $3.1bn (£2.7bn). This was largely thanks to the leasing segment, which jumped 41% to $2.2bn, compared to a more modest 16% for finance charges, to $837m.

Net income was $202m, up 37% year-on-year. All results excluded Opel Vauxhall and GM Financial operations in Europe, following GM’s decision to sell these businesses to PSA earlier this year.

For the PSA Group, revenues rose 31% to almost €15bn. Without the income from Opel Vauxhall, revenues would have grown by a more modest 6% to €12.2bn.

Sales globally grew by 23.8%. The biggest rises, between 45% and 55%, were in the European, Eurasian and Indian regions, while sales for China and south-east Asia shrank by 28.7%.

Fiat Chrysler Automobiles (FCA), meanwhile, saw revenues at a stable €26.4bn (£23.5bn), but net profits jump 50% to €910m. For the nine months ending September 30, profits almost doubled to €2.7bn (+93%).

Across different markets, FCA saw revenues go down in North America, Asia and Europe in the three months to September, while jumping 42% to €2.1bn in Latin America, which margins for the region in the positive.

Finally, Renault’s revenues were up 16% to €12.2bn. Finance on sales grew 10% to €610m. The number of new financing contracts increased 14%, while average performing assets rose 18% to €41.1bn.

Automotive income, excluding Russian maker AvtoVaz/Lada, which Renault bought out in 2012, rose 10% to €11bn. The Group noted it was benefitting from the on-going recovery in the Russian, Brazilian and Turkish markets, as well as the good sales momentum in Europe.

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