French leading car manufacturer PSA said on Tuesday that the company remained profitable during the first six months of 2020 in spite of sales plunging due to the COVID-19 pandemic.

"These past years we have stressed that for us that lowering the breakeven point is a clear strategy for us and the first half of 2020 showed that it is the right strategy in a chaotic world," Carlos Tavares, chief executive officer of the company, said in a conference call.

PSA, including brands Peugeot, Citroen and Opel, has worked to improve profit margins in recent years and begun slashing costs amid the COVID-19 pandemic.