auto market: GM on Monday sold its European Opel and Vauxhall brands to French carmaker PSA Group for roughly 2.33 billion, retreating from the world's third-largest auto market after almost two decades of futile efforts to make money, according to The Japan Times. The brands have lost 20 billion in the fiercely competitive region since last making a full-year profit in 1999. The Detroit automaker also indicated that it may pull out of more unprofitable markets in the future. I think they're ready to cut their losses and move on, said Morningstar analyst David Whiston. The sale, expected to close by the end of the year, also includes GM's European auto financing arm, which goes to a joint venture between PSA and French bank BNP Paribas. They'd rather take their time and money and spend it elsewhere on something that has a better return.
(news.financializer.com). As
reported in the news.
Tagged under auto market, time money topics.