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Archive for the ‘PSA’ Category

PSA’s Tavares Throws Cold Water on Hot FCA Rumor

CEO says no FCA deal is in the works.

by on Apr.03, 2019

PSA CEO Carlos Tavares denied reports that the company and FCA were involved in any type of discussions.

Fiat Chrysler Automobiles appeared to be the belle of the automotive partnership ball recently, but one of its suitors looks to have a wandering eye.

PSA Group CEO Carlos Tavares pushed back on reports that FCA and PSA were in talks to enter into any type of agreement between the two companies. It was reported that the two companies could find ways to help each other out in Europe and perhaps other markets.

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“No, we are not targeting a specific company. We are working with all of our partners,” said Tavares at a press event in the southern Indian city of Chennai, according to Reuters. (more…)

A New Partner for Fiat Chrysler? Peugeot Says Maybe

Peugeot family suggest FCA is a possible mate.

by on Mar.19, 2019

Could Fiat Chrysler be a good fit with PSA Groupe? A member of the Peugeot family says yes.

The late Sergio Marchionne spent much of his tenure searching for a partner for Fiat Chrysler, and now it appears a new mate for FCA is in the picture and creating buzz that Marchionne likely would have enjoyed: Peugeot.

Robert Peugeot, president of Peugeot family holding company FFP, told French daily Les Echos he would support a new deal, suggesting Fiat Chrysler would be among the potential partners.

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“With them, as with others, the planets could be aligned,” he was reported as saying about a potential merger. (more…)

Peugeot Will Be the Brand of Choice for PSA’s Reborn U.S. Dealer Network

“This is not about speed,” says North American CEO. Re-launch could take until 2026.

by on Feb.26, 2019

PSA's North American CEO Larry Dominque said the company will be very deliberate in its return the U.S.

The Peugeot brand is making its return to the U.S. and Canadian markets, parent Groupe PSA announced Tuesday, but the relaunch of its dealer network could take until 2026 to put in place.

The news comes 28 years after Peugeot pulled out of the U.S., a victim of rapidly declining sales. Rebuilding a market could prove challenging for the Paris-based carmaker, industry analysts warn, pointing to the troubles Fiat has faced since returning to the States after a two-decade absence.

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“The good news for us is PSA is not dependent on me to sell a single car,” Groupe PSA North America CEO Larry Dominique said in an interview on Tuesday. “The idea is to build the brand the right way.” (more…)

Pickups, SUVs Push GM Profit Well Above Expectations

Automaker betting numbers will look even better as truck production ramps up in 2019.

by on Feb.06, 2019

GM reported stronger than expected earnings as Chairman and CEO Mary Barra continues to reshape the company.

General Motors handily beat Wall Street’s earnings forecast for the fourth quarter and full year a strong performance that reflects both booming truck demand and the payoff of shedding the company’s long-struggling European operations.

For the final quarter of 2018, GM delivered earnings of $1.43 a share — $1.40 after excluding special items. The consensus, according to Zacks Investment Research, was $1.24. For the full year, earnings came to $6.54 a share, well ahead of the consensus forecast of $6.29. After special charges, the figure dropped to $5.58 per share.

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GM’s overall $8.1 billion profit for all of 2018 was more than double the $3.9 billion number from the year before, but the 2017 figure reflected a significant hit from the sell-off of the company’s long-troubled European Opel-Vauxhall subsidiary. It was acquired by PSA Group, parent of the Peugeot and Citroen brands. (more…)

Ford Expected to Cut “Thousands” of European Jobs

European unit wants 6% profit margin by 2020.

by on Jan.10, 2019

Steven Armstrong, Ford of Europe's chief, confirmed the unit is taking measures and examining other options to become profitable.

With speculation swirling about the details of an almost certain link up between Ford Motor Co. and Volkswagen AG, the company announced it plans to cut “thousands” of jobs in Europe in the near term.

“We are taking decisive action to transform the Ford business in Europe,” Steven Armstrong, group vice president, Europe, Middle East and Africa, said in a statement on Thursday.

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Ford Europe has been a money loser for several years and now needs to restructure its operations to turn that trend around. The unit employs about 53,000 people. (more…)

Toyota, PSA Extend Partnership in European Market

PSA selling more commercial vehicles to Toyota.

by on Dec.03, 2018

Toyota will take full ownership of the plant in the Czech Republic it shares with PSA in 2021.

Toyota Motor Corp. and PSA, the Paris-based automaker that operates Peugeot, Citroen and Opel, have made a deal to expand their long-term partnership in the European market.

Under the terms of the new agreement, PSA will expand the range of commercial vehicles that it supplies to Toyota for sale in Europe under the Toyota brand starting in fourth quarter of 2019.

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In return, Toyota will take full financial ownership, starting in 2021, of the Toyota Peugeot Citroën Automobile Czech joint-venture plant in Czech Republic, which produces the compact A-segment models, which Toyota will continue to build. (more…)

VW Back in the Global Sales Lead, But Toyota Returns to #2

Final months of 2018 could bring an epic battle.

by on Oct.08, 2018

Volkswagen appears to be the top selling automaker in the world with less than three months left in the year.

With 2018 quickly drawing to a close, Volkswagen appears to have cemented the global sales crown to its corporate head, rapidly gaining ground from its two closest competitors.

But rivals Toyota and the Renault-Nissan-Mitsubishi Alliance are facing a classic, neck-and-neck battle that could see them fighting it out until the last sale is counted, according to data compiled by research firm Focus2Move, for second place.

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One long-time contender, meanwhile, has dropped out of the race entirely. General Motors, which led the global auto industry for more than seven decades, is well out of the running after selling off its European Opel subsidiary and shuttering operations in several other markets, including Russia and India. (more…)

Ford Denies Plans to Slash European Car Line-Up

Mondeo to get upgrades, no plans to eliminate other car models.

by on Sep.04, 2018

Ford says it will update, rather than eliminate its European midsize sedan, the Mondeo.

Ford Motor Co. is denying a report by the British newspaper, The Times, that it plans to radically cut back its European line-up and shift focus to more profitable SUVs – echoing steps it plans to take in the U.S. market.

The Times reports that Ford would eliminate production of the Mondeo – the global name for what, in the U.S., is known as the Fusion – as well as its Galaxy and S-Max people-movers. The paper said Ford also wants to reduce the number of dealerships its products are sold through in Europe.

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A cutback in passenger car models abroad would follow plans for the U.S. outlined by Ford CEO Jim Hackett earlier this year. Reflecting a dramatic market shift from sedans and coupes to SUVs, CUVs and pickups, Ford will eliminate virtually all of the passenger car models sold in the States, with the exception of the Mustang “pony car.”

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PSA Makes Opel Profitable a Year After Buying It From GM

Company makes $588 million in first half of 2018.

by on Jul.24, 2018

PSA CEO Carlos Tavares has been credited with turning around the near-bankrupt French company, and now making a profit at Opel in just one year.

In just about a year, PSA Group managed to do something General Motors Co. hadn’t done 20 years: squeeze a profit out of Opel. PSA bought the company as well as its British sibling Vauxhall from GM for $1.3 billion euros last year.

The German brand reported a profit of $588 million, or 502 million euros, through the first six months of this year compared with a loss last year.

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The profits excluded $492 million, or 406 million euros, in one-time charges, after the company reached an agreement in May with German labor representatives to eliminate 3,700 jobs from Opel’s German workforce of about 20,000 employees. (more…)

Maven to Let GM Vehicle Owners Profit from Car-Sharing

Vehicles from '15 model-year on can be used in new peer-to-peer test.

by on Jul.24, 2018

GM owners will be able to make money renting their vehicles when they'd normally be sitting idle.

We’ve entered the “sharing economy,” the experts tell us, with home-sharing operations such as AIRBNB, ride-sharing companies like Uber and car-sharing ventures like Car2Go becoming increasingly popular with American travelers and commuters. But now, General Motors’ own sharing service, Maven, is testing a program that could give GM owners a way to profit from this trend.

Maven has launched what it calls a “peer-to-peer car-sharing beta” that allows owners of relatively recent GM products to list their own cars through the service and pocket some of rental fees. If the program takes off, it would join other peer-to-peer car-sharing services such as Turo. And French automaker PSA, in its bid to return to the U.S., has launched a similar program in Los Angeles.

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“Your car is one of the most expensive things you own. Sitting idle, it is a wasted asset,” said Julia Steyn, vice president, General Motors Urban Mobility and Maven. “It’s time to put your car to work. Maven’s peer-to-peer offering is a smart way for owners to offset their vehicle investment.”

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