PSA becomes second-largest European automaker after acquiring Opel image

The rumors were true – the French PSA Group did buy German automaker Opel from General Motors, with the deal going down for a mere $2.3 billion.

The French company owns the Peugeot, Citroen and DS Automobiles car brands – and now it will also hold Germany’s Opel and its British subsidiary Vauxhall. The $2.3 billion deal will make PSA Group the second biggest car company on the Old Continent – trailing the Volkswagen Group but coming in ahead of the Renault-Nissan Alliance. According to the official memo, the move includes all of Opel/Vauxhall’s automotive operations – the Opel and Vauxhall brands, six assembly and five component-manufacturing locations, one engineering center (Rüsselsheim, Deutschland), and around 40,000 employees. General Motors will keep the engineering center in Torino, Italy, which is housing international projects.

Opel’s products will still use GM technologies and intellectual property licenses by the automaker until its vehicles entirely switch to PSA architectures in the upcoming years. The Crossland X and GRandland X have already made this a reality – as they were developed with PSA based on the French automaker’s platforms. “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround,” commented PSA’s chairman of the managing board, Carlos Tavares.