After billions in losses and years of unsuccessful turnaround attempts in Europe, General Motors decided that a foothold in the world’s third-largest auto market isn’t worth the drag on its bottom line. The Detroit automaker on Monday, March 6, 2017, announced that it’s all but getting out of Europe, selling its Opel and Vauxhall units to French automaker PSA Group. (Christophe Ena, File/Associated Press)PARIS — General Motors Co. is selling its loss-making European car business — including Germany’s Opel and British brand Vauxhall — to French automaker PSA group. The 2.2 billion euro ($2.33 billion) deal announced Monday in Paris by GM and PSA — maker of Peugeot and Citroen cars — will realign the industry and create Europe’s No. “This was a difficult decision for General Motors but we are united in belief that it is the right one,” she told reporters in Paris.

Source: Washington Post March 06, 2017 06:42 UTC