Peugeot Citroen says it sales slumped in the first quarter as Europe's recession-hit markets caused car sales to collapse across the region's southern flank.

According to AP, the Paris-based car maker says it made €15.4 billion ($20.3 billion) in the first quarter, down 7 percent from a year earlier.

The maker of the popular Peugeot 207 hatchback and Citroen C4 Picasso minivan blames the collapse of markets in southern Europe for the weak quarterly performance. Peugeot Citroen sales contracted 20 percent across all of Europe, with falls of 19.4 percent in France and 22.4 percent in Italy.

In a statement Wednesday, April 25 the company says it expects the European market to be down by about 5 percent over the full year, and by about 10 percent in France.