PSA Group, the French firm behind Peugeot and Citroen, has agreed to pay just under £2bn for the European arm of General Motors, which includes German marque Opel and beleaguered British brand Vauxhall. This makes them one of the biggest carmakers in Europe, behind only Volkswagen.
Vauxhall, somewhat incredibly, still has factories at Luton and Ellesmere Port. The staff there are on high alert for P45s after PSA Group said they expect to make cuts of £1.47bn a year within a decade.
“We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround.
[...]We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees,”
Can Groupe PSA turn poor old Vauxhall into a brand people want to buy in a world of Teslas and fancy car tech? We're gonna say "non." [BBC]
Main image: Jason Goulding