General Motors is expected to announce early Monday a deal to sell its money-losing European brand Opel to France's Group PSA, maker of Peugeot and Citroen cars. Opel, based in Germany, and Vauxhall have been part of GM (GM) since the 1920s but they've lost money for each of the past 16 years. GM has 38,000 European employees, with more than 18,000 Opel workers in Germany and 4,300 Vauxhall employees in the U.K. In Europe, Opel also sells a version of the American-made Chevrolet Bolt electric car called the Ampera-e, and a version of the Chevrolet Volt plug-in hybrid, also built in America, called the Opel Ampera. Selling off Opel and Vauxhall will leave GM almost entirely without a European presence.

Source: CNN March 05, 2017 11:15 UTC