PARIS -- PSA Group said quarterly revenue rose by almost a third, as the automaker added Opel-Vauxhall sales numbers for the first time and increased deliveries in Europe and in a rebounding Latin America.
Revenue increased 31 percent to 15 billion euros ($17.6 billion) in the third quarter from 11.4 billion a year earlier, PSA said in a statement on Wednesday. Automotive division revenue at its Peugeot, Citroen and DS brands rose by a more modest 11.6 percent to 8.42 billion euros.
PSA raised its 2017 market forecasts for Latin America and Russia but continued to lose ground in China, where the group's registrations plunged another 29 percent.
Under CEO Carlos Tavares, PSA has powered to record profitability but lost its footing in China, the world's biggest auto market, where deliveries topped 700,000 cars in 2014. Sales in the region - mainly through two Chinese joint ventures - were 242,000 vehicles for first nine months.
PSA is attempting to sell or lease out its Wuhan 2 factory, one of the group's five Chinese assembly plants, French daily Les Echos reported on Wednesday, citing unnamed sources.
Asked about the report, Chief Financial Officer Jean-Baptiste de Chatillon said PSA was determined "to face reality and to adjust costs when needed, and right-size (those) costs."
PSA will "get back on a growth path" in China and is not considering withdrawal from the market, Chatillon told analysts.
Sales at PSA's China ventures are not consolidated in its group revenue, which rose in the quarter on a healthy 3.9 percent increase in European deliveries - excluding Opel-Vauxhall - while Latin American registrations jumped 17 percent.
New model launches improved the product mix, PSA said, which reflected a demand for pricier vehicles and trims and contributed a 5.4 percent revenue increase in the quarter.
Sales to partners delivered a further 3.7 percent boost as PSA began manufacturing two Opel vehicles under a deal predating its full acquisition of the General Motors brand.
PSA raised its 2017 market growth outlook to 7 percent in Latin America and 8 percent in Russia, from a previous 5 percent forecast for both markets, echoing a similar upgrade by Renault this week.
For the full year, "based on this third quarter, we think PSA could be on track to beat profit expectations", Bernstein analyst Max Warburton said, before adding a note of caution. "Opel and its losses and cash-burn will be very important from here," he said.