Sold! GM Offloads Opel



Sold! GM Offloads Opel onto PSA Peugeot Citroen

General Motors has officially agreed to sell its Opel and Vauxhall brands to the PSA Group as the Detroit automaker attempts to stanch more than a decade of staggering losses in Europe.

According to a report by Reuters, the PSA Group (Peugeot and Citroën) approved the deal Friday, weeks after admitting it was seeking to buy the German and British brands that GM has owned for 86 and 91 years, respectively. The two companies are expected to announce the deal on Monday, Reuters said, and have resolved their competitive issues in China and the problem of Opel’s billions in pension liabilities.

It is unclear whether the sale indicates GM would essentially give up the Europe market. GM Europe, primarily the Opel and Vauxhall brands, has lost money for 16 consecutive years. Cadillac has close to zero market share there, and as of last year Chevrolet no longer sells any cars in Europe aside from the Corvette. Whether GM sells the Opel Vauxhall entirely (as Ford sold 100 percent of Jaguar and Land Rover to Tata) or completes a merger that would let it retain a stake in PSA, the two former GM brands will inevitably face aggressive cost-cutting measures that will further shed jobs, close factories, and shrink model lineups.

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Rental fleets' cancellations drag down otherwise promising U.S. vehicle sales

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The collapse of air travel has pushed big car rental companies to cancel orders for new vehicles, punching a hole in sales for nearly a dozen U.S. automakers' including the Big Three in Detroit. Hyundai Motor Co's U.S. sales arm said Tuesday that its sales to fleets, including rental companies, fell by 79% in May, while retail sales grew by 5%. Automakers could lose up to 12% of their annual U.S. vehicle sales in 2020 as car rental companies slammed by the coronavirus pandemic slash fleets and

Continue reading Rental fleets' cancellations drag down otherwise promising U.S. vehicle sales

Rental fleets' cancellations drag down otherwise promising U.S. vehicle sales originally appeared on Autoblog on Tue, 2 Jun 2020 20:12:00 EDT. Please see our terms for use of feeds.

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2021 Toyota Corolla Hatch Special Edition: Boring Name, Hot Paint

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The current Toyota Corolla hasn’t been with us for very long. The aggressive-looking five-door hatchback model first made its debut in the middle of 2018, and has since been joined by a similarly wide-mouthed four-door sedan variant. Despite its relative youth and visual edge, Toyota has decided to make the new Corolla a little spicier […]

The post 2021 Toyota Corolla Hatch Special Edition: Boring Name, Hot Paint appeared first on MotorTrend.

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