General Motors Co. is selling its loss-making European car business – including Germany’s Opel and British brand Vauxhall – to French automaker PSA group. The 2.2 billion euro ($2.33 billion) deal announced Monday in Paris by GM and PSA – maker of Peugeot and Citroen cars – will realign the industry and create Europe’s No. … Read more
The auto industry is facing seismic changes with the rise of electric vehicles, automated driving and car sharing set to eclipse even big mergers such as PSA’s purchase of Opel, executives at the Geneva auto show said. Peugeot maker PSA Group (PEUP. PA) said on Monday it had agreed to buy loss-making Opel from General … Read more
General Motors is set to announce a deal to sell Vauxhall and Opel to the French company that owns Peugeot and Citroen on Monday. PSA Group has scheduled a press conference with GM for Monday morning in Paris. The two companies had wanted to announce a deal before the start of the Geneva motor show … Read more
France’s PSA Group (PEUP. PA) is set to announce a deal to buy Opel from General Motors (GM.N) on Monday after striking an agreement with the U.S. carmaker and winning the blessing of its board for the acquisition. The maker of Peugeot, Citroen and DS cars said on Saturday it would hold an early Monday … Read more
Continental (CONG. DE) expects a possible tie-up between PSA Peugeot Citroen (PEUP.PA) and General Motors’ (GM.N) Opel division would boost its business, its chief executive said. “Opportunities emerge because platforms will be standardized and higher and more interesting volumes will arise” for suppliers, CEO Elmar Degenhart said during a conference call after the automotive supplier … Read more
PSA Group (PEUP. PA) has pledged to the German government to continue operating all four of Opel’s German production sites as part of the French carmaker’s planned takeover of General Motors’ (GM.N) European arm, German Sunday paper Bild am Sonntag reported. The planned sale was confirmed by both companies on Tuesday, raising the specter of … Read more
PSA Group’s (PEUP. PA) Chief Executive Officer has asked for a meeting with British Prime Minister Theresa May on the planned acquisition of General Motors’ (GM.N) Opel and Vauxhall operations, a spokesman for the French carmaker said on Saturday. “Carlos Tavares has asked to meet Theresa May,” the spokesman said. “It’s the same approach that … Read more
The UK and German governments are seeking to safeguard jobs in the potential merger of the Vauxhall and Peugeot carmakers. Ministers have raised concerns after PSA Group, maker of Peugeot cars, said it was in talks to buy General Motors’ loss-making European business, Opel. Opel has thousands of workers at its plants in Germany and … Read more
French carmaker PSA says it is considering taking over General Motors’ (GM) European Opel business. PSA – which makes Peugeot, Citroen and DS cars – and GM already share production of SUVs and minivans. The French government holds a 14% stake in PSA, as do the Peugeot family and Chinese firm Dongfeng Motor. Any deal … Read more
India’s Hindustan Motors has sold its Ambassador car to France’s Peugeot for just $12 million, capping a spectacular downfall for a vehicle once emblematic of the country’s political class. The CK Birla group, the owners of Hindustan Motors, have sold the car brand for 800 million rupees to the French auto makers, a company spokesman … Read more