PAN records increase in market share

In related development PAN Nigeria Limited assemblers of Peugeot brand of vehicles has recorded an increase in market share of their vehicles despite the on-going recession in the country.

According to Ibrahim Boyi, Chief Executive Oiffcer, PAN attained this feat to the general acceptability of the brand due to its ” remarkable heritage of quality and reliable motoring experience,” and dealership expansion network policy which led to emergence of 3 new dealers added to its network of 11 dealers across the country.

Boyi commended the new dealers’ tenacity for building new modern service centre, creating youth employment and believing in the Nigerian economy. The dealership networks are the only authorised source of purchasing the vehicles and spare parts in Nigeria.

Meanwhile, the owners of Peugeot French carmarkers PSA has reported a near doubling of profits, as it considers buying General Motors’ (GM) Opel and Vauxhall brands.Net income at PSA Group jumped 92% last year to 1.73bn euro.

PSA said its operating margin, the level of profit it made on sales has risen from 5% in 2015 to 6% in 2016. This is the third year in a row that operating margin, sales and net profit has improved at the group.

AS a result of the company’s perfomance, chief financial officer Jean-Baptiste de Chattillon said, PSA was in a position to make ‘ profitable investment in the interest of our shareholders.’

PSA chief executive Carlos Tavares  expressed his willingness to develop further the iconic Vauxhall brand for the benefit of its faithful customers, according to Carlos Tavares,Opel needs help.It has, he says,” been making red ink for 10 years and burning 1 billion euros cash every year.”

By Mike Ochonma