Europe's No. 2 emerges
PSA/OPEL The sale of Opel Automobile GmbH, which includes the Opel and Vauxhall brands, from General Motors to the PSA Group was completed and finalized on Aug. 1. Opel Automobile GmbH CEO Michael Lohscheller spoke of a "historic day" and set the goal of returning to profitability by 2020.
Opel Automobile GmbH CEO Michael Lohscheller spoke of a "historic day" and issued the goal of returning to profitability by 2020.
New number two
PSA CEO Carlos Tavares added: "Opel remains German and Vauxhall remains British. They perfectly complement our existing portfolio of French brands Peugeot, Citroën and DS Automobiles." The enlarged PSA Group's market share is now 17 percent across Europe. This makes the PSA Group the second-largest automaker in Europe.
100 days plan
The new management of Opel and Vauxhall will develop a plan for the future in the next 100 days. Synergies with the PSA Group, for example in purchasing and development, are to play a key role in this. The goal is to generate positive cash flow from operating activities and an operating profit of two percent by 2020 and six percent by 2026.
Cooperation for five years
PSA and Opel/Vauxhall have been working together since 2012. This cooperation has so far included four Opel vehicles. The first model, the Opel Crossland X, has been in dealerships since the end of June. In the fall, the Opel Grandland X SUV will follow one vehicle class higher. The successor to the Opel Combo light commercial vehicle will be launched in 2018, and the next generation of the Opel Corsa will be presented in 2019.
