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PSA CEO Carlos Tavares is eager to get started with turning around the automaker's newly acquired Opel/Vauxhall business.
Nick Reilly, who was instrumental in helping establish GM's global business, regrets some of the withdrawal's the company has made around the world — especially in Europe.
Opel has reached an agreement with unions to trim working hours and offer early retirement packages. The deal is aimed at cutting costs after PSA acquired the money-losing automaker from GM.
PSA envisages production capacity of 900,000 electric motors annually by 2022 from its joint venture with Nidec to produce motors for EVs, plug-in hybrids and mild hybrids.
Said PSA's Carlos Tavares: "We are moving from a world where the center of decision is Detroit to a world where the center of decision is not Paris, it's Ruesselsheim."
PSA, which bought GM's European operations, now wants about half of the money back because Opel's engines are too inefficient to meet CO2 emissions reduction targets, sources told Reuters.
PSA Group's purchase of Opel/Vauxhall from General Motors was a blockbuster deal that jolted the industry and changed the course of two storied automakers.
While PSA Group works on fine-tuning its mobility services in the United States, it is learning from at least one failed operation launched in Europe.
Opel detailed the former GM division's first business plan under new owner PSA, promising to launch EVs including a full-electric Corsa and move to PSA platforms sooner than planned.
Opel's first business plan under its new French owners, PSA, will set out how the German automaker will reach profitability that has eluded the former GM division since 1999.
PSA's new app needs government and ride-hailing partners to make it successful.
French automaker PSA introduced its mobility services platform in Seattle as part of a long-term strategy to re-enter the North American market.
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