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French carmaker eyes GM's European brands

17 Feb 2017

French carmaker PSA recently revealed it was thinking about taking over Opel and Vauxhall, loss-ridden European subsidiaries of US auto giant General Motors (GM).

Image by collaborateur-auto.fr - collaborateur-auto.fr, CC BY-SA 4.0

PSA, which groups the Peugeot, Citroen and DS brands, "is exploring the possibility of acquiring Opel and Vauxhall", a company spokesman told AFP.

PSA and GM already have a cooperation agreement which has so far lead to three joint European projects that have yielded "quite big synergies", the spokesman said.

PSA was overtaken by rival Renault last year as France's biggest carmaker by volume. Opel sells its vehicles under the Vauxhall brand name in Britain.

Cumulated European losses more than US$15bn

PSA's announcement comes a week after GM reported a loss of US$257 million on its European operations for 2016, the sixteenth consecutive loss-making year for GM on the continent. This takes GM's cumulated European losses since 2000 to more than US$15 billion.

The US giant hopes to return to breakeven in Europe by 2018 after the impact of Britain's vote to leave the EU and subsequent weakness in the pound sterling weighed on last year's performance.

Source: I-Net Bridge

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