Mar 5, 2017
GM set to announce Opel/Vauxhall sale on Monday
PSA Group has scheduled a press conference with GM for Monday morning in Paris. Opel has failed to emulate Ford or PSA in reducing overcapacity at its factories despite closing a plant in the western German city of Bochum, with the loss of 3,000 jobs, in 2014. In a bid to protect its Buick and Chevrolet brands, GM has not allowed Opel to expand outside Europe. "Opel wasn't allowed to do that, which explains its underperformance since 2005. Opel was reined in too much by GM," he added. For PSA, the deal caps a stellar two-year recovery under chief executive Carlos Tavares, who is expected to slash costs at Opel in a bid to generate savings of up to 2bn euros a year.
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