GM set to announce sale of Opel along with Vauxhall to France’s PSA

VW unveils better, cheaper electric car

General Motors can be anticipated to announce early Monday a deal to sell its money-losing European brand Opel to France’s Group PSA, maker of Peugeot along with Citroen cars.

The agreement with PSA will include Vauxhall, Opel’s British brand. GM said last month the idea was talking to PSA about a sale.

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The companies have called a joint news conference in Paris for 9:15 am Monday (3:15 am ET), along with GM will brief investors at 7:45 am.

Opel, based in Germany, along with Vauxhall have been part of GM (GM) since the 1920s however they’ve lost money for each of the past 16 years. Those losses today add up to more than $18 billion, according to GM’s own figures.

GM isn’t selling just because the idea’s losing money in Europe. the idea sees richer investment opportunities elsewhere, particularly in growth markets like Asia along with Latin America. Rather than spend more money trying to revive its brands in a highly competitive European market, the idea may prefer to invest for a better return elsewhere.

“This particular can be a smart move for a company of which sees far more potential in additional global markets, while also investing heavily within the autonomous future of personal transportation,” said Karl Brauer, executive publisher of the Autotrader along with Kelley Blue Book automotive web sites in an email.

Britain’s impending exit by the European Union has only made the prospects for Opel along with Vauxhall more difficult.

Brexit could lead to trade barriers between the U.K. along with EU, disrupting supply chains, pushing up the cost of components along with raising the cost of cars.

Related: Thousands of auto jobs in jeopardy as U.K. faces Brexit

The proposed GM-PSA deal will create a European autos giant to rival market leader Volkswagen (VLKAY).

however the idea can be already sparking a backlash among European politicians along with labor leaders in Britain along with Germany who are worried of which the idea will lead to plant closures along with job cuts.

GM has 38,000 European employees, with more than 18,000 Opel workers in Germany along with 4,300 Vauxhall employees within the U.K. In France, unions worry of which PSA could also be in line for job cuts if a deal can be struck.

PSA has turned around its own flagging fortunes in Europe. With the help of a big investment in 2014 by China’s Dongfeng Motors along with the French government, PSA (PSAV) has gone by near-bankruptcy to large profits.

PSA CEO Carlos Tavares has reportedly said he can be considering taking Opel to markets outside Europe where customers won’t consider buying a French car within the expect of which a German marque will make a better impression.

paris electric cars opel

Some Opel versions are sold within the United States along with China, where they’re branded as Buicks. In Europe, Opel also sells a variation of the American-made Chevrolet Bolt electric car called the Ampera-e, along that has a variation of the Chevrolet Volt plug-in hybrid, also built in America, called the Opel Ampera.

Selling off Opel along with Vauxhall will leave GM almost entirely without a European presence. Beyond those brands, GM sells a few hundred Cadillac cars in Europe each year. Cadillac dealers there also sell a tiny number Corvettes along with Chevrolet Camaros.

GM has come close to selling off Opel before. In 2009, a deal was reached to sell the brands to Magna International, an auto parts maker. of which deal was abandoned after GM completed bankruptcy restructuring.

CNNMoney (Geneva) First published March 5, 2017: 6:16 AM ET

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Source : GM set to announce sale of Opel along with Vauxhall to France’s PSA

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