We are witnessing the birth of a true European champion today. We will assist Opel and Vauxhall’s return to profitability and aim to set new industry benchmarks together. We will unleash the power of these iconic brands and the huge potential of its existing talents. Opel will remain German, Vauxhall will remain British. They are the perfect fit to our existing portfolio of French brands Peugeot, Citroën and DS Automobiles.

—PSA Chairman of the board Carlos Tavares

The Opel/Vauxhall management team will work on a plan for the future in the next 100 days. Synergies within the Groupe PSA, for example in purchasing and development, are set to play a major part. The combined entity will unlock substantial economies of scale and synergies in purchasing, manufacturing and R&D estimated at €1.7 billion (US$2 billion) at run rate. The goal is to generate a positive operational free cash flow by 2020 as well as an operating margin of 2% by 2020 and 6% by 2026.

New management positions include:

• Christian Müller, previously Vice President Global Propulsion Systems – Europe and with Opel since 1996, will succeed William F. Bertagni as Vice President Engineering. He will integrate engineering and powertrain in one department.

• Rémi Girardon, previously Senior Vice President Group Industrial Strategy at Groupe PSA, will succeed Philip R. Kienle as Vice President Manufacturing.

• Philippe de Rovira, previously Group Controller at Groupe PSA, will become the new CFO of Opel, following Michael Lohscheller.

• Michelle Wen, Group Supply Chain Management Network Director at Vodafone Procurement, will be joining the Opel leadership team effective 1 September replacing Katherine Worthen currently Vice President Purchasing and Supply Chain. All other moves are with immediate effect.

Going forward, Opel CEO Michael Lohscheller is planning with a much leaner management structure, including the number of direct reports.

PSA and Opel/Vauxhall have been working together since 2012. The cooperation so far includes four vehicles from Opel. The first model, the Opel Crossland X, has been available at dealerships since the end of June. The Opel Grandland X SUV in the next higher segment follows in the fall. The successor of the Opel Combo light commercial vehicle will come onto the market next year and as of 2019 the next generation of the best-selling Opel Corsa will be launched.

Opel/Vauxhall and Groupe PSA will continue to work with General Motors in the future. In addition to development in the area of electric propulsion, Opel plants will continue to produce vehicles for the GM brands Buick and Holden.

In parallel, the acquisition of GM Financial’s European operations is under way, subject to validation by the different regulatory authorities’ review and is scheduled for the second half of 2017.