It's now officially official - PSA is Europe's second-largest carmaker by vehicle sales.

PSA Group and General Motors have officially finalized the sale of Opel and Vauxhall to the French manufacturer. After 88 years in the GM family, the German brand and its British subsidiary are now part of the Europe’s second-largest carmaker measured by vehicle sales.

“It is a historic day,” Opel’s new CEO Michael Lohscheller said in an official statement attached below. “We are proud to join Groupe PSA and are now opening a new chapter in our history after 88 years with General Motors. We will continue our path of making technology `made in Germany´ available to everyone.”

 


Today’s final stage of the deal also marks some important leadership changes in Opel. Four new members, Christian Müller, Rémi Girardon, Philippe de Rovira, and Michelle Wen, are joining the management team of the brand, replacing William F. Bertagni, Philip R. Kienle, and Katherine Worthen. Lohscheller wished his former colleagues “all the best for the next chapter of their careers within General Motors.”

Former CEO Karl-Thomas Neumann is also no longer part of Opel, a spokesman for the company has confirmed to Automotive News. He resigned in June, announcing on Twitter he would stay in the German company only until the closing of the merger with PSA.

More on the PSA-Opel deal:


What’s next for Opel and Vauxhall? At first, the Grandland X will be launched this fall, followed by the successor of the Combo light commercial vehicle that will come onto the market next year. A year later, in 2019, the next generation Corsa will be revealed. All three products will be based on products of the French automaker.

During the next 100 days, the new management team will work on a plan for the future of the brand. Basically, this means we will hear a lot of news for the brand in the next three months, and it was already announced the ultimate goal will be “to generate a positive operational free cash flow by 2020 as well as an operating margin of two percent by 2020 and six percent by 2026.”

PSA finalizes deal for Opel/Vauxhall


“The combination of our strengths will enable us to turn Opel and Vauxhall into a profitable and self-funded business. We have set ourselves the clear target of returning to profitability by 2020,” Michael Lohscheller confirmed.

Check out the press release section for more details.

Source: Opel via Automotive News

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