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French auto giant Peugeot sees great opportunity in Brexit.
French automaker PSA, which bought the Opel and Vauxhall week in order to create a European champion in the automotive industry, has yet to face the uncertainty of the withdrawal of Britain from the European Union.
The group believes, however, that even a supposedly Brexit drive, in which Britain would leave the single market of the EU, could be a great opportunity.
PSA announced Monday the acquisition of General Motors' European subsidiary comprising Vauxhall and Opel Germany Great Britain, for 1 3 billion euros1 38 billion.
The recovery will PSA resume its place as the second largest automaker in Europe after the German group Volkswagen, surpassing its French rival Renault.
British Prime Minister Theresa May is due to trigger Article 50 to the end of March, beginning the divorce process EU two years.
Brexit is interesting because nobody knows how it's going to take place, said PSA CEO Carlos Tavares.
A hard Brexit would see the start of the Great Britain the single market or free trade zone of the EU, while ending the free movement of persons.
In Brexit, the most amicable Britain, or soft can keep at least some access to the single market in exchange for the free movement of persons.
If this is not a Brexit disk, then everyone will be happy because it is not difficult when markets are in better shape and everyone to enjoy, Tavares during a news conference.
In this situation, it will be about performance, allowing PSA to be competitive in the UK against all other regions, all other countries.
It can be an opportunity that can be strengthened, possibly by the weakness of the pound.
Britain is the largest European market Opel, where vehicles are sold under the Vauxhall brand also employs about 5,000 people in Britain, most of them in two factories located in the northwest Ellesmere Port and Luton in England in the southeast.
But even a difficult Brexit could be a great opportunity for the supply chain Vauxhall to supply the UK in the UK, according to Tavares.
In this situation, perhaps it is important that we get the parts of the UK that the cost structure will be more books as much as the revenue structure.
So if there is a Brexit disk and, of course, the supplier base must be developed, and I think this is something that the British government understands completely.
In London, a Downing Street Monday spokesman was asked about reports that PSA wanted to keep a factory in Britain if a Brexit disk to protect against potential rates.
He said he was not aware of this issue being mentioned in conversations between London and PSA.
The company had said this morning that Brexit was not the decisive factor behind the decision, he said.
Len McClusky, General Secretary of the Unite union, there is also a role for government to play the uncertainty caused by Brexit is harming the auto sector in the UK.
Last year, 72 million of 1 cars were assembled in Britain, or 8 5 percent more than in 2015 eight out of 10 were exported Among those sent abroad, 56 percent were in European Union.
CEO Mary Barra GM blamed the vote Brexit June and the drop in the book value after losses in 2016, the group had hoped for a return to profitability for Opel and Vauxhall, but he eventually report a loss 257 millions.
She said the financial results of its European subsidiary have improved considerably in recent years.
It is clear that the team would have achieved the goal of breaking even in 2016 had it not been for Brexit.
Opel and Vauxhall have booked repeated losses in recent years, costing the Detroit-based GM about $ 15 billion since 2000.
French auto giant Peugeot sees great opportunity in Brexit Local, French giant Peugeot.