Iran Press/Europe: Revenues at the French carmaker fell 4.8 percent to €12.5 billion, while the number of cars sold dropped by 5.6 percent to 908,000. Once currency moves were stripped out, revenues fell by 2.7 percent, Financial Times reported.
The group does not disclose profits when reporting first-quarter results but the company on Friday reaffirmed its guidance for the year to reach a 6 percent margin, increase revenues at constant exchange rates and generate positive cash.
Its first sales were hit by the collapse of the markets in Argentina and Turkey, which both dropped by near 50 percent, as well as its decision to withdraw from Iran last year to avoid US sanctions.
French carmaker PSA Group, which reported a 17 percent drop in car sales and a 1 percent fall in revenue, was also hit by withdrawing from Iran.
Global sales volumes fell 15.7 percent to 886,400 vehicles in the quarter. Excluding Iran, deliveries fell 6.1 percent, weighed down by a 30 percent decline in Latin America.
German auto giant Daimler halted its business activities in Iran hours after US President Donald Trump vowed to block any company operating in Iran from selling in the vast US marketplace. 208/211/101
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