Earlier this year, General Motors effectively pulled out of the European market when it agreed to sell Opel, Vauxhall and nearly all of its manufacturing and finance operations to France’s PSA Groupe. The deal was reportedly set to be closed by the end of 2017.
However, things are clipping along at a faster pacer—despite a recent report claiming Opel had delayed the sale. Reuters reports the sale of Opel could be completed as early as July 31.
“We confirm that the closing is expected to take place in the second half of 2017 as planned and that the date of 31 July constitutes a first assumption for the earliest possible date, subject to the decision of the competition authorities,” Opel said in a statement.
The quick sale may be due to GM’s commitment to protect factory jobs after it signed binding contracts last week, a source told Reuters.
The sale was reportedly delayed after Opel’s research and development center wanted assurance it would continue to be tapped for projects over the next few years. An unnamed source also stated projects are guaranteed for another three years.
The Opel Corsa F is on track to become the first Opel vehicle to be developed under PSA Groupe and will likely use PSA engines and architecture.
Comments
The sale should have been a JV and the start of a GM/PSA Alliance modeled of Renault Nissan.
They might cooperate nontheless, even without holding shares of the other company.
This would be wise as GM will still need highly efficient powertrains for certain markets while DS could use aid from Buick and Cadillac.
The Chinese JVs might.muck any cooperation up, though. SAIC and Dongfeng are rivals, after all.
especially in the segment oft LCV (Light Commercial Vehicles), where PSA has a lot oft experience and claims to Europe’s largest Producer by the Humber oft units.