General Motors is selling its two major European brands to French automaker PSA Group and pulling back from the world’s third-largest auto market, where the company has struggled to turn a profit for nearly two decades. GM’s Opel and Vauxhall brands, as well as the European arm of its financial division, were valued at about $2.3 billion in the transaction. GM has long lost money on its European brands, despite several turnaround attempts. The entirety of GM has seen record financial performance in recent years, buoyed in part by strong car sales in the United States. Already, GM sells more cars in China than the United States.

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