After GM loses billions in Europe, Mary Barra moves to sell Opel

GM - General Motors

History repeats itself, especially in the case of GM. After Saab, and some other brands that GM shut down, the time has come for GM to leave the Opel brand.

Today, GM has raised the possibility that it could abandon the overcrowded European market by selling unprofitable Opel to France’s PSA Group (Peugeot and Citroën).

The possible deal would create the European Union’s second-largest car manufacturer, after Volkswagen, which is vulnerable because of its emissions scandal. In GM hopes that this decision will enable GM to concentrate resources on new technologies, including self-driving cars?!

An earlier attempt to sell Opel to a group including a Russian bank failed in 2009. GM restructured its European operations over the past six years,  It has closed Opel plants in Belgium and Germany, and it abandoned its struggling Saab brand after emerging from its 2010 bankruptcy. Still, GM Europe failed to break even in 2016, as Barra had once promised it would, and the company said last week it did not expect profits in the operation until 2018.

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