The PSA takeover was seen as something of a rescue for Opel. But Opel's lost PSA €179 million since the takeover. And sales continue to dissapoint. PSA has put investment plans on hold for one plant, is mulling the closure of another.
Workers will have to rely on government compensation after Opel slashed hours at its historic German plant. Production will be cut massively next year.
French carmaker PSA has reported a strong sales increase for the first three months of the year after taking over struggling German auto manufacturer Opel. Employees at Opel's sites in Germany fear layoffs.
The new owner of Opel-Vauxhall says it won't begin involuntary layoffs at the loss making carmaker it bought from GM. The restructuring plan will see factories remain open and the brand expand to 20 new export markets.
Peugeot maker PSA Group has achieved record profits of €1.7 billion in the first half of the year, after revenues jumped 40 percent. The recently acquired Opel-Vauxhall business has returned to the black.
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