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[h=1]after Bank of America upgrades to buy, citing electric car progress[/h]https://www.cnbc.com/2017/10/03/gm-...a-upgrades-to-buy.html?recirc=taboolainternal
GM shares jump to Record High
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I thought it was 2017 that GM mostly exited Europe?
"General Motors Co. is exiting the third-largest automotive market in the world with the sale of its money-losing European business to French carmaker PSA Group. With the $2.2 billion sale announced Monday, GM said it will focus on more profitable markets and products, as well as new technologies like electric cars, fuel cells and autonomous vehicles.GM’s decision to say goodbye to the Opel-Vauxhall business it’s controlled for nearly 90 years – and accounts for 10 percent of GM’s global sales and 18 percent of its workforce – is intended to bolster overall profitability and returns to shareholders.
It will leave GM with only a few specialty models in Europe – Chevrolet Camaros, Corvettes and selected Cadillacs – which last year totaled about 2,300 in sales. That’s a tiny fraction – 0.2 percent – of the volume of its Opel-Vauxhall business, which sold 1.16 million vehicles in 2016. GM sold 10 million cars globally last year.
The move comes after GM lost money every year in Europe since 1999 – $257 million pretax last year and about $20 billion in all. And it follows other strategies to exit low-performing operations under GM Chairman and CEO Mary Barra: GM has opted to pull out of Russia, stop manufacturing in Indonesia and Australia, and restructure in Thailand. Just before Barra took charge, the automaker said it would largely pull Chevrolet from Europe."
"General Motors Co. is exiting the third-largest automotive market in the world with the sale of its money-losing European business to French carmaker PSA Group. With the $2.2 billion sale announced Monday, GM said it will focus on more profitable markets and products, as well as new technologies like electric cars, fuel cells and autonomous vehicles.GM’s decision to say goodbye to the Opel-Vauxhall business it’s controlled for nearly 90 years – and accounts for 10 percent of GM’s global sales and 18 percent of its workforce – is intended to bolster overall profitability and returns to shareholders.
It will leave GM with only a few specialty models in Europe – Chevrolet Camaros, Corvettes and selected Cadillacs – which last year totaled about 2,300 in sales. That’s a tiny fraction – 0.2 percent – of the volume of its Opel-Vauxhall business, which sold 1.16 million vehicles in 2016. GM sold 10 million cars globally last year.
The move comes after GM lost money every year in Europe since 1999 – $257 million pretax last year and about $20 billion in all. And it follows other strategies to exit low-performing operations under GM Chairman and CEO Mary Barra: GM has opted to pull out of Russia, stop manufacturing in Indonesia and Australia, and restructure in Thailand. Just before Barra took charge, the automaker said it would largely pull Chevrolet from Europe."
No Chevrolet exited europe in 2014 , it just recently withdrew from India and South Africa in 2017 . To me Chevrolet really messed up there reputation by allowing there logo on very small cheap Dawoos . I know that in America you never saw or herd about some of the chevys that they were producing for countries who are not as wealthy as others . I have owned my cruze now since 2013 and it's a fantastic car for the money . I bought it brand new for 42,000 the equivalent Opel Astra (identical car drivetrain delta platform ) was 70,000 I just could not see how that was justifiable by gm . They should of pulled the plug on Opel along time ago . Furthermore Chevrolet makes iconic cars Opel is just not on the same page as Chevy . Why they tried to make Opel the superior brand really has me confused . I should have been at some of the meetings gm held . I would have saved them millions !
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Then I ask you CruzeSP, what happened on March 7, 2017?
[h=1]General Motors sells its European business for $2.3 billion[/h]https://www.theverge.com/2017/3/6/14826722/general-motors-opel-vauxhall-sale
[h=1]General Motors sells its European business for $2.3 billion[/h]https://www.theverge.com/2017/3/6/14826722/general-motors-opel-vauxhall-sale
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