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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.
Opel CEO Karl-Thomas Neumann plans to resign as GM prepares to sell its European business to PSA, a German newspaper reported. He will inform the Opel board later this month, the paper said.
General Motors' Opel said its sale to France's Peugeot could be completed as early as July 31, pending regulatory approval.
PSA CEO Carlos Tavares reassured shareholders over the acquisition of Opel from GM, saying that the purchase will vault the automaker "far ahead" of its French rival Renault.
PSA CEO Carlos Tavares expects Opel to lose more money this year as it acquires the business from GM. However, the brand is recovering, Tavares said, highlighting growth in vehicle sales.
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