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PSA will present a restructuring plan for its Opel brand in November. CEO Carlos Tavares said PSA will urge Opel to improve its sales to individual customers.
Opel, which GM has sold to PSA, widened its losses in the second quarter to around $250 million, sources told Automobilwoche.
After 88 years with GM, Opel now part of PSA; How they did it: FCA, Toyota execs on boosting quality; Autonomous cars make cross-border trek; Honda profits rise; Wells Fargo sued.
PSA completed its takeover of the Opel and Vauxhall brands from GM on Tuesday, installing a fresh leadership team.
The discipline that helped GM beat Wall Street expectations for nine consecutive quarters will be put to the test in the coming months because several of its most profitable plants will temporarily close for retooling.
PSA secured unconditional EU antitrust approval to acquire GM's German unit Opel, a move which will help it better compete with market leader Volkswagen Group.
Additional costs mean GM now expects the charge for its sale of Opel to PSA to reach $5.5 billion, GM finance chief Chuck Stevens said.
Karl-Thomas Neumann's resignation from Opel immediately touched off speculation about where he might land.
Opel's new CEO, Michael Lohscheller, faces the tough challenge of bringing sustainable profitability to the automaker after its sale to PSA Group by General Motors is completed.
The plan to turn Opel into a “Tesla for the masses” appears to have become a nonstarter since the brand was taken over in March by PSA Group.
The push to eliminate greenhouse gas emissions in Vatican City got a helping hand last week from Opel.
VW Group is looking at rehiring Opel CEO Karl-Thomas Neumann, possibly to lead its Audi brand, a source told Reuters. Neumann is said to be planning to quit Opel afer GM sells the automaker to PSA.
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