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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.
Opel, which is being sold to France's PSA Group, has committed to producing Buick-branded vehicles in German factories for GM beyond 2019.
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Now that the dust has settled on the industry's deal of the year, the hard work will start for those trying to make PSA's purchase of GM's Opel a success.
Under GM's ownership, Opel avoided the fate of former sibling Saab, which vanished after the brand was starved of product. But the tie-up with PSA will change all that.
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