Peugeot SA (UG.FR) said Tuesday that revenue grew 42% in the first quarter, due largely to the consolidation of German car maker Opel, which it acquired from General Motors Co. (GM) last year, Market Watch reported.
First-quarter revenue climbed to 18.18 billion euros ($22.25 billion) from EUR12.80 billion a year earlier, Peugeot said.
Revenue at Peugeot's automotive division, which includes the Peugeot, Citroen and DS brands, rose 13% to EUR10.21 billion, the company said.
The company officially known as Group PSA said it expects the European automotive market to remain stable this year. Peugeot forecasts growth of 2% in China and 4% in Latin America, while Russia is set to record growth of 10%.
Peugeot Chief Financial Officer Jean-Baptiste de Chatillon said that both the company's strategy and the Opel Vauxhall turnaround plan are on track.