Tuesday, July 23, 2019
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Rehabilitation of Opel not yet completed

DThe refurbishment of Opel has not yet been completed from the point of view of its French parent PSA. That said CEO Carlos Tavares on Thursday in front of its shareholders in Rueil-Malmaison near Paris. Nevertheless, the acquisition of Opel was a worthwhile business – because the paid to General Motors purchase price of 1.3 billion euros was already recorded practically one and a half years ago. Opel had again made a profit last year.

However, the refurbishment of Opel is not yet complete, concluded Tavares. The operating margin of six percent laid down in the restructuring plan for Opel still had to be achieved. in the
Last year, Opel and its British sister brand Vauxhall had been 4.7 percent.

PSA with the parent brands Peugeot, Citroën and DS had taken Opel in the summer of 2017. Especially in Germany, there is resistance of the workers, for example, in the partial sale of Rüsselsheim development center to the service provider Segula.

Tavares did not exclude other "opportunities" such as the Opel acquisition in the automotive market on demand. "But we do not have much of an eye on one or the other company," said Tavares. There had been speculation that PSA could, for example, have a partnership with the Italian-American manufacturer Fiat-Chrysler.

Sales declined, Europe successful

PSA posted slightly lower sales in the first quarter due to falling sales in China and South America than in the previous year. Sales fell by 1.1 percent to 17.9 billion euros. Negative currency effects, in particular in Argentina and Turkey, also weighed down. The car business declined by 1.8 percent. By contrast, the automotive supplier Faurecia, which belongs to the Group, developed stably.

Between January and March, PSA sold a total of 15.7 percent fewer vehicles. Adjusted for business in Iran, the decline was 6 percent. The group had ceased its Iran activities. In all regions, sales were down – with the exception of Europe, where sales even increased slightly by 1.6 percent and the Group gained market share. The subsidiary Opel-Vauxhall increased sales by 3.9 percent.

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