Reading Time: 1 minute

By Jason Siu Mar 03, 2017

France’s PSA Group has agreed to acquire General Motors’ Opel division.

Rumors of PSA acquiring Opel surfaced weeks ago, with the automakers addressing the possibility with a vague statement, confirming there were discussions. Now, Reuters reports the deal is done and an official announcement will be made Monday.

The PSA Group manufactures Peugeot and Citroen vehicles, and shares some production in an existing European alliance with GM. Opel recorded a 16th consecutive year of losses in 2016, despite selling over 1.1-million vehicles.

PSA is interested in acquiring Opel to bolster its sales in Europe, with CEO Carlos Tavares saying it is an “opportunity to create a European car champion.” The French automaker is now poised to sell over five-million vehicles a year with the acquisition.

Meanwhile, that means General Motors now loses over 1.1-million units on its final yearly tally, which will likely drop the automaker from the top three of the best-selling automotive groups in the world. Last year, GM came in third place behind winner Volkswagen and Toyota.


Free Vin Lookup

Vin Lookup

The Vehicle Identification Number is located in many different places on a car. It is very common to appear on the dashboard and/or in the drivers side door sticker. You can do a free VIN look up to check vehicle problems on the button above.