General Motors said Monday that it had reached a deal to sell its Opel and Vauxhall brands to French auto maker PSA Groupe for $2.2 billion. The sale will end GM's presence in Europe as a major manufacturer. The sale will also let the U.S. auto maker focus resources on developing self-driving cars, and vehicles for its profitable North America and China businesses. Its European operations lost money for 16 straight years. "This was a difficult decision for General Motors," GM CEO Mary Barra said. "But we are unified in our belief that it is the right one." PSA Groupe, which already has the Peugeot and Citroen brands, will become the region's second largest auto maker with 17 percent of the market, behind only Germany's Volkswagen. Source: Detroit Free Press |
No comments:
Post a Comment