PSA first half sales flat

French carmaker PSA on Tuesday unveiled global sales that were stable in the first half of the year over the same period in 2015, as Europe came to the rescue to offset a slide in China.

Sales in China and Southeast Asia slumped 19.4 percent to 296,507 units.

But European sales rose 7.4 percent to 1,055,875 and should come in "around the two million mark" by year end, beating 1.8 million last year, European director Denis Martin said.

Overall, first half sales totalled 1.54 million units for a slight 0.2 percent year-on-year sag. 

Martin told reporters overall European sales would see off an expected "slight second half fall" in the wake of Britain's vote to leave the European union.

He also highlighted a 16.4 percent rise in Latin America, a market which for the industry overall had dropped back 8.2 percent in the slipstream of a Brazilian recession.

PSA said import restrictions had hit efforts to carve a deeper niche in north Africa, as sales slid 13.3 percent. 

The carmaker added its return to Iran via its Peugeot and DS marques had not offset "an unfavourable economic context" in the Middle East and Africa.

PSA, which will publish its full half-year results on July 27, announced its return to Iran last month in signing a 400-million-euro joint venture with old partner Iran Khodro in Tehran. 

The first cars produced under the new venture are set to hit Iranian roads in February, with the aim of producing 200,000 vehicles a year by 2018. 

The French group also earlier this year said it would develop electric cars from 2019 with Chinese partner Dongfeng Motors.