PSA

French carmaker PSA uses Macron reforms

Paris - Muslimchronicle

French carmaker PSA said Tuesday that it would make 1,300 people redundant under labour reforms pushed through by President Emmanuel Macron, the first big company to take advantage of the looser layoff laws. Macron ran his campaign on a pledge to make businesses more competitive by making it less expensive to hire and fire workers, part of the former investment banker's push forRead more

Begin Algeria production in 2018

Algiers - Muslimchronicle

French carmaker PSA signed a deal on Sunday with three Algerian firms to set up a car-manufacturing base in the North African country with production to begin next year. After two years of negotiations, the joint venture deal was inked at a ceremony attended by Algerian Foreign Minister Abdelkader Messahel and his French counterpart Jean-Yves Le Drian. The first PeugeotRead more

begin Algeria production in 2018

Algiers - Muslimchronicle

Opel's 2020 vision: Profit, finally

New York - Muslimchronicle

Loss-plagued German carmaker Opel on Thursday unveiled a plan to return to profit in 2020 thanks to savings its new owner French auto giant PSA is to help it achieve without plant closures or forced job cuts. PSA, which also owns Peugeot (Other OTC: PUGOF - news) and Citroen, took over Opel and its British sister brand Vauxhall from USRead more

General Motors reports $3 bn loss in 3Q due to Opel sale charge

New York - Muslimchronicle

General Motors reported Tuesday lower North American operating profits, but gains in other regions as a $5.4 billion charge connected to the Opel/Vauxhall sale led to a large quarterly loss. The biggest US automaker reported a loss of $3 billion for the quarter ending September 30. GM in March announced the sale of its European division to PSA Groupe forRead more

Peugeot-Citroen revs up profitability

Paris - Muslimchronicle

French automaker Peugeot Citroen (PSA) said Wednesday it made a record net profit of 1.26 billion euros ($1.46 billion) in the first half of the year, boosting its operating margin to record levels despite increases in supply costs. Sales rose by five percent over the same period last year to 29.1 billion euros, including a 3.6 percent rise in autoRead more

Peugeot maker PSA agrees to buy Vauxhall and Opel from GM

Berlin - Arab Today

PSA Group agreed to buy General Motors’ Opel unit in a transaction valued at €2.2 billion (Dh8.56bn), creating Europe’s second-largest car maker in a bid to better compete in the region’s saturated market. PSA will pay €1.3bn for Ruesselsheim, Germany-based Opel and its UK nameplate Vauxhall, with the rest for the financing unit, which is being evenly split with BNPRead more

Autos bosses focus on technology, play down PSA-Opel impact

GENEVA - Arab today

The auto industry is facing seismic changes with the rise of electric vehicles, automated driving and car sharing, and adapting to these will eclipse even big mergers such as PSA’s purchase of Opel, executives at the Geneva auto show said. Peugeot maker PSA Group on Monday agreed to buy loss-making Opel from General Motors, creating Europe’s second-biggest carmaker behind VolkswagenRead more

GM eyes autonomous future as it sells Opel

New York - Arab Today

The move by US auto giant General Motors to offload money-losing European brand Opel marks its latest effort to focus on more profitable markets and autonomous driving technology. The largest US automaker announced Monday the sale of European brands Opel and Vauxhall to French automaker PSA for 1.3 billion euros ($1.4 billion), pulling away from a region that has producedRead more

French carmaker PSA buys Opel-Vauxhall for 1.3 billion euros

Paris - Xinhua

France's leading auto manufacturer PSA Group on Monday announced the purchase of Opel and Vauxhall brands from General Motors for 1.3 billion euros (1.38 billon U.S. dollars) "to support its worldwide profitable growth." Following the transaction, PSA eyes becoming "the second largest automotive company in Europe with 17 percent of market share," the group said in a statement. The PSARead more