Peugeot Citroen 1st quarter sales slump

PARIS (AP) -- PSA Peugeot Citroen says crumbling automobile markets across Europe are behind a steep drop in its first quarter sales.

The parent company of Peugeot and Citroen reported a 10.3 percent drop in sales at its automobile division to 8.72 billion euros ($11.33 billion) for the January to March period, down from 9.72 billion euros a year earlier.

Combined Peugeot and Citroen vehicle sales fell 16.9 percent in Europe, where it saw its market share slip as the overall car market fell 10 percent.

In a statement Wednesday the company said it expects the European car market to decline 5 percent over the full year.

Including PSA's car parts and financing arms, total revenue in the quarter fell 6.5 percent to 13 billion euros.