Peugeot says it never cheated on emissions as its auto sales rise

Regarding emissions, PSA said it “confirms that its vehicles have never been fitted with any software or device that detects emissions testing and triggers a pollution treatment system, including for nitrous oxide (NOx), that is inactive in normal driving conditions”.

In a separate statement, Peugeot said that in the wake of the Volkswagen AG diesel emissions scandal, the company had conducted a review of its own emissions and fuel efficiency performance. The engine type accounted for about 60 per cent of its European sales in the first half of this year, and 42 per cent worldwide. The automaker Monday reported that its third-quarter revenue grew 3.2 per cent as sales in its home region and pricing both improved.

Peugeot shares fell 1.82 percent to 15.935 euros in morning trade on the Paris stock exchange which was down 0.47 percent overall.

“The reality is that this vehicle company is not growing”, Max Warburton, a Singapore-based analyst at Sanford C. Bernstein Ltd. with an outperform recommendation on Peugeot stock, said in a report to clients.

Expect other auto makers to follow suit with commitments to publishing real-world emissions and fuel consumption data. For the first nine months of the year, the pace of the slowdown was 4.4 percent.

Sales volume fell by 4.3 percent overall in the third quarter, but rose by 0.8 percent excluding China. Pro forma Automotive Division revenue, which includes the Group’s interest in the Chinese joint ventures, represented 9.13 billion euros, a slight improvement on third-quarter 2014.

“Despite a more hard economic environment in the third quarter”, Peugeot has confidence it will reach its targets, de Chatillon said. Chief Executive Officer Carlos Tavares laid out a strategy past year, dubbed Back in the Race, that involves restructuring South American and Russian operations, streamlining the group’s product offerings while adding new models at its new DS premium brand.