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PSA CEO Carlos Tavares is eager to get started with turning around the automaker's newly acquired Opel/Vauxhall business.
Opel has reached an agreement with unions to trim working hours and offer early retirement packages. The deal is aimed at cutting costs after PSA acquired the money-losing automaker from GM.
GM could return to Europe by offering self-driving technology or mobility services, CEO Mary Barra said. GM has been investing more in self-driving cars, electric vehicle technology and ride-sharing services.
Said PSA's Carlos Tavares: "We are moving from a world where the center of decision is Detroit to a world where the center of decision is not Paris, it's Ruesselsheim."
PSA, which bought GM's European operations, now wants about half of the money back because Opel's engines are too inefficient to meet CO2 emissions reduction targets, sources told Reuters.
Opel's export push could mean vehicle production in PSA's plants in China, Russia and Iran, and even sales in the U.S., the home market for GM, the German brand's former owner.
Opel detailed the former GM division's first business plan under new owner PSA, promising to launch EVs including a full-electric Corsa and move to PSA platforms sooner than planned.
Opel's first business plan under its new French owners, PSA, will set out how the German automaker will reach profitability that has eluded the former GM division since 1999.
Tina Mueller was a bright spot in Opel's management, having revived what was perceived to be a bankrupt brand in Germany.
PSA will present a restructuring plan for its Opel brand in November. CEO Carlos Tavares said PSA will urge Opel to improve its sales to individual customers.
Opel, which GM has sold to PSA, widened its losses in the second quarter to around $250 million, sources told Automobilwoche.
After 88 years with GM, Opel now part of PSA; How they did it: FCA, Toyota execs on boosting quality; Autonomous cars make cross-border trek; Honda profits rise; Wells Fargo sued.
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