GM confirms no plans for more investments at PSA

Article by Anita Panait, on July 17, 2013

General Motors has no plans to make further investments in PSA/Peugeot-Citroen, GM Vice Chairman Steve Girsky reiterated to Bloomberg. He even called the speculation on intensifying the alliance between the carmakers a distraction. Girsky said that all he wants to do is get the current programs to work.

French dailies have reported that France has made a decision to hire an advisor bank for PSA/Peugeot Citroen. According to Le Figaro, France’s move indicates further ties between PSA and GM or with Dongfeng.

GM already invested EUR320 million ($418 million) in 2012 to acquire a 7-percent stake in PSA as part of an alliance that entails joint purchasing and vehicle development. Girsky is in charge of overseeing GM’s bid to curtail losses in Europe by mid-decade as well as and rebuild the Opel brand.

He was responsible to realizing the deal with PSA and was interim chief of GM’s operations in Europe until he hired former Volkswagen AG executive Karl-Thomas Neumann to lead Opel.

Girsky referred to comments by GM chief executive Dan Akerson in June in Shanghai that the carmaker has no plans to invest more money into PSA “at this time.” Akerson said by then that if they see something change, they “will re-evaluate that.”  PSA posted EUR5.01 billion ($6.5 billion) in losses in 2012, with EUR576 million in operating loss. The carmaker saw its first half sales drop 9.8 percent this year. Its shares also fell 38 percent this year through July 11, 2013.

Topics: gm, psa, investment

If you liked the article, share on:

Comments

Recommended

Not so long ago, the 2018 Genesis G80 Sport made its debut at the 2016 LA Auto Show. But at that time, it did not have a price yet. And...
by - April 23, 2017
It seems like an increase in price has become a trend for automotive companies lately. Genesis isn’t alone when it comes to this. Subaru had just announced that the 2018...
by - April 23, 2017
Imagine a sports car morphing into an SUV. Chevrolet initially revealed the FNR Concept at the previous Shanghai Auto Show in 2015. For this year, Chevy once again graces the...
by - April 22, 2017
From the moment FCA kicked off with its 3-month-long ad campaign until the day it unveiled the new Dodge Challenger SRT Demon, folks have been guessing what the exact figures...
by - April 22, 2017
Some people may think Audi Sport is a new company but it is in fact the motorsport division of Audi combined with the best of what Quattro GmbH can offer....
by - April 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries