General Motors may be giving up on the car market in Europe.
After losing money in Europe for 16 years, GM is looking to sell it’s operations, and is talking with the PSA Group, the maker of Peugeot cars, to sell Opel and Vauxhall. GM told an analysts call last week it expects to lose money in Europe again this year… telling Wall Street that GM wants to fish where the fish are.
GM hasn’t had a profit in Europe since 1999, but has cut losses in the last few years. Selling European operations would effectively get GM out of the market there, and better concentrate efforts on North America and China, the homes of high volumes and profits.