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Gorehamj

GM May Bail On Europe

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John Goreham
Contributing Writer, GM-Trucks.com
2-15-2017

General Motors has confirmed that it may leave the European market, or at least sell-off its European brand operations on the Continent. Media speculation of a sale of the Opel and Vauxhall brands. GM confirmed the speculation yesterday in a statement saying:

"Since 2012, General Motors and PSA Group have been implementing an alliance covering, to date, three projects in Europe and generating substantial synergies for the two groups. Within this framework, General Motors and PSA Group regularly examine additional expansion and cooperation possibilities, as well. PSA Group and General Motors confirm they are exploring numerous strategic initiatives aiming at improving profitability and operational efficiency, including a potential acquisition of Opel Vauxhall by PSA. There can be no assurance that an agreement will be reached."

 

PSA Group is best known for its Peugeot and Citroen brands and is based in France.

 

GM's China market operations have dominated its future plans. With a possible cross-border tax to contend with in North America, and the possibility of lower truck profits that could result, GM may be positioning itself to shed an under-performing part of its business to focus on core strengths.

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    • By Gorehamj

      John Goreham
      Contributing Writer, GM-Trucks.com
      3-6-2017
      The ink is dry and Mary Barra's handshake with PSA's Carlos Tavares, chairman of the Managing Board of PSA, makes it official; GM is erasing Opel/Vauxhall off its balance sheet. General Motors is continuing to concentrate its efforts on China and North America as its two primary markets and has shed its burdensome car units on the Continent. Here are the two statements from each of the companies:
       
      PSA: “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround,” said Carlos Tavares, chairman of the Managing Board of PSA. “We respect all that Opel/Vauxhall’s talented people have achieved as well as the company’s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner. We see this as a natural extension of our relationship and are eager to take it to the next level.”
       
      GM: “We are very pleased that together, GM, our valued colleagues at Opel/Vauxhall and PSA have created a new opportunity to enhance the long-term performance of our respective companies by building on the success of our prior alliance”, said Mary T. Barra, GM chairman and chief executive officer.
      “For GM, this represents another major step in the ongoing work that is driving our improved performance and accelerating our momentum. We are reshaping our company and delivering consistent, record results for our owners through disciplined capital allocation to our higher-return investments in our core automotive business and in new technologies that are enabling us to lead the future of personal mobility. We believe this new chapter puts Opel and Vauxhall in an even stronger position for the long term and we look forward to our participation in the future success and strong value-creation potential of PSA through our economic interest and continued collaboration on current and exciting new projects,” Ms. Barra concluded.



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