10:32 am, July 24, 2018
OPEL Vauxhall is back in the black almost a year after its official acquisition by Peugeot, Citroen and DS owner PSA.
It has posted a profit of €502m (£447m) for the first six months of 2018 – a far cry from the loss of €179m (£160m) made between August and December 2017.
For the whole of 2016 – which was the last full year that General Motors owned it – the business lost $257m (£196m), and it hadn’t been profitable since 1999.
Carlos Tavares, chairman of the Groupe PSA managing board, said: ‘The group demonstrates since 2014 its recurring ability to level up global profitability, efficiency and volumes, despite strong headwinds.
‘Opel Vauxhall teams start to deliver good results to build the New Opel Vauxhall and are eager to unleash further potential. Our agility and strong focus on execution remain a strong asset to reach our targets.’
The group as a whole reported revenue up by 40.1 per cent to €38.6bn (£34.4bn) in the first half of 2018 compared with the same period in 2017, with the Peugeot, Citroen and DS division reporting an 11.4 per cent increase in revenue up to €22.149bn (£19.74bn).
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