GM ready to sell Opel and Vauxhall.
#1
02-17-2017, 10:31 AM
Join Date: Apr 2015
Location: Willamette Valley, Oregon
Posts: 2,346
GM ready to sell Opel and Vauxhall.
Looks like the General is ready to sell GM Europe again. French parent company that owns Citroen and Peugeot is the alleged buyer. Labor unions are obviously against this kind of sale due to many jobs lost.
I post this since GM is famous for killing car brands in a tightening market. The L series are an Opel Vectra model B car. Several General Motors cars are from Opel, including most of the recent Buick cars.
Just as Chrysler continues to use some Mercedes designed parts long after their split, GM will run out the Opel designed cars. Parts will disappear just like our Saturn only parts have.
I continue to run GM diesels and will continue with the L series as long as there are parts.
It is a sad day.
I post this since GM is famous for killing car brands in a tightening market. The L series are an Opel Vectra model B car. Several General Motors cars are from Opel, including most of the recent Buick cars.
Just as Chrysler continues to use some Mercedes designed parts long after their split, GM will run out the Opel designed cars. Parts will disappear just like our Saturn only parts have.
I continue to run GM diesels and will continue with the L series as long as there are parts.
It is a sad day.
#2
03-05-2017, 08:37 PM
Join Date: Apr 2015
Location: Willamette Valley, Oregon
Posts: 2,346
The general is dumping Opel, my L series is an Opel Vectra B. Talk about orphan! First Saturn now the design team.
GM set to announce sale of struggling European business
by Peter Valdes-Dapena @peterdrives
March 5, 2017: 12:21 PM ET
VW unveils better, cheaper electric car
General Motors is expected to announce early Monday a deal to sell its money-losing European brand Opel to France's Group PSA, maker of Peugeot and Citroen cars.
The agreement with PSA will include Vauxhall, Opel's British brand. GM said last month it was talking to PSA about a sale.
The companies have called a joint news conference in Paris for 9:15 am Monday (3:15 am ET), and GM will brief investors at 7:45 am.
Opel, based in Germany, and Vauxhall have been part of GM (GM) since the 1920s but they've lost money for each of the past 16 years. Those losses now add up to more than $18 billion, according to GM's own figures.
GM isn't selling just because it's losing money in Europe. It sees richer investment opportunities elsewhere, particularly in growth markets like Asia and Latin America. Rather than spend more money trying to revive its brands in a highly competitive European market, it may prefer to invest for a better return elsewhere.
"This is a smart move for a company that sees far more potential in other global markets, while also investing heavily in the autonomous future of personal transportation," said Karl Brauer, executive publisher of the Autotrader and Kelley Blue Book automotive web sites in an email.
GM set to announce sale of struggling European business
by Peter Valdes-Dapena @peterdrives
March 5, 2017: 12:21 PM ET
VW unveils better, cheaper electric car
General Motors is expected to announce early Monday a deal to sell its money-losing European brand Opel to France's Group PSA, maker of Peugeot and Citroen cars.
The agreement with PSA will include Vauxhall, Opel's British brand. GM said last month it was talking to PSA about a sale.
The companies have called a joint news conference in Paris for 9:15 am Monday (3:15 am ET), and GM will brief investors at 7:45 am.
Opel, based in Germany, and Vauxhall have been part of GM (GM) since the 1920s but they've lost money for each of the past 16 years. Those losses now add up to more than $18 billion, according to GM's own figures.
GM isn't selling just because it's losing money in Europe. It sees richer investment opportunities elsewhere, particularly in growth markets like Asia and Latin America. Rather than spend more money trying to revive its brands in a highly competitive European market, it may prefer to invest for a better return elsewhere.
"This is a smart move for a company that sees far more potential in other global markets, while also investing heavily in the autonomous future of personal transportation," said Karl Brauer, executive publisher of the Autotrader and Kelley Blue Book automotive web sites in an email.
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