Opel Announced Its Return to the Russian Market
OREANDA-NEWS German car manufacturer Opel is returning to Russia. According to PSA Group, the return of the automaker takes place within the strategic plan of the company.
The Chairman of the Board of the group Carlos Tavares during the presentation of the financial results of the PSA Group for the last financial year 2018 and the second phase of the strategic plan "Push to Pass" to 2019-2021 years confirmed that the group aims to conquer new markets: Opel is ready to enter the Russian market.
The purpose of the brand's return to the Russian market is to strengthen the concern's presence in the Eurasian region.
"Global expansion of export markets is part of the strategic plan "Pace!" to develop the Opel brand, which will help the company to become steadily profitable. The decision to return to the Russian market is part of this strategy aimed at developing the brand both in Europe and in the world markets," the company said.
"Taking into account the launch of the Opel brand in Ukraine last year, we expect to triple the sales of PSA brands in this region by 2021," said Yanik Bezar, Executive Vice President of the group and operational Director of the Eurasian region of Eurasia.
Opel from 2017 belongs to the French concern PSA Group.
As for the financial statements, last year the net profit of Peugeot Citroen, attributable to the shareholders of the parent company, amounted to 2.827 billion euros, an increase of 47% compared to 2017.
Diluted earnings per share in the reporting period amounted to EUR 3.01 against EUR 2.05 in 2017. Revenue for the year 2018, increased by 18.9% to 74,027 billion euros. At the end of the year, the company sold 3.88 million cars, which is 6.8% more than a year ago.
The company expects that in 2019 the automotive market will remain stable in Europe, will decrease by 1% in Latin America and 3% in China, and will grow by 5% in Russia.