In the first half of 2017, our income surged again. Net income jumped 35% and the financial position strengthened even further.

2017 promises to be a year of robust growth.

We also continued our strategy of long-term growth:

- Capital expenditures were €207 million and our gross R&D expenditures increased by 28% to €210 million.

- We began work in the United States on our biggest plant-a pilot facility of the “4.0” plant of the future. These investments position us at the forefront of new production methods that combine robotics, algorithms and artificial intelligence. The methods will later be rolled out in all the Group’s plants, and this will be a real boost to our industrial efficiency.

- We invested as a co-sponsor in the new fund of Aster Capital, a venture capital firm that focuses on sustainable mobility start‑ups. We also expanded our Automotive Strategic Analysis Committee to include leading, internationally renowned scientists.

This will help us improve our ability to identify new technologies to enhance our innovative strength as we lay the groundwork for the Group’s positioning when it comes to the clean, autonomous, connected vehicle of the future.

We are committed to managing our growth and the expansion of our order book.

Our revenue is expected to exceed €10 billion in 2021.

Thank you for your trust.

Dear our Shareholders,