GM's German Castoff Returns to Health Under France's PSA Group
- Opel’s making money again after two decades of losses
- Shares surge most in six years after cost cuts deliver boost
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A year after General Motors Co. gave up on European automaker Opel, the brand is making money again under French owner PSA Group following nearly two decades of losses.
The turnaround shows PSA Chief Executive Officer Carlos Tavares is reaping the benefits of pushing Opel’s labor unions to accept job losses, and of cutting back on everything from printers to company phones. He’s also slashed development spending by piggybacking new Opel models onto existing platforms of the parent’s Peugeot and Citroen brands.