Opel has made a profit for the first time in 20 years. The German automaker and its British partner Vauxhall Motors owned by PSA reported about the positive results for the first half of 2018.
This was achieved thanks to measures of strict economy and restructuring. The profit for the indicated period amounted to €502 million. In particular, a gradual reduction in the number of jobs from the current 18,000 to 14,300 was taken, as well as investment in new development models.
Due to these news the price of Peugeot, also owned by PSA, increased by more than 12% and reached a 10-year high of €23 per share during trading at the Paris Stock Exchange.
In the summer of 2017 PSA acquired from General Motors Corporation its subsidiaries Opel and Vauxhall for €1.3 billion. The American giant completely transferred its assets to the French competitor, which got out of a serious crisis before.