DETROIT, Aug. 1, 2017 /PRNewswire/ -- General Motors
Co. (NYSE: GM) and Groupe PSA (Paris: UG) today announced the close
of the sale of GM's Opel/Vauxhall business to the Groupe PSA.
The sale represents a win for all stakeholders and is the latest
and most significant in a series of actions GM has taken to
strengthen its global enterprise and position itself for the
future, while immediately improving the company's financial
performance.
"We've taken another bold step in our ongoing work to transform
GM," said GM President Dan Ammann.
"This transaction allows us to sharply focus our resources on
higher-return opportunities as we expand our technical and business
leadership in the future of mobility."
The sale of GM Financial's European operations to Groupe PSA and
BNP Paribas is expected to close later this year, subject to
various regulatory approvals.
General Motors Co. (NYSE: GM, TSX: GMM), its subsidiaries
and joint venture entities produce and sell vehicles under the
Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang and Wuling
brands. GM has leadership positions in several of the
world's most significant automotive markets and is
committed to lead the future of personal mobility. More information
on the company and its subsidiaries, including OnStar, a global
leader in vehicle safety, security and information services, can be
found at http://www.gm.com.
Cautionary Note on Forward-Looking Statements
This press release may include forward-looking statements.
These statements are based on current expectations about possible
future events and thus are inherently uncertain. Our actual results
may differ materially from forward-looking statements due to a
variety of factors, including: (1) our ability to deliver new
products, services and experiences that attract new, and are
desired by existing, customers and to effectively compete in
autonomous, ride-sharing and transportation as a service; (2) sales
of full-size pick-up trucks and SUVs, which may be affected by
increases in the price of oil; (3) the volatility of global sales
and operations; (4) aggressive competition, including the impact of
new market entrants; (5) changes in, or the introduction of novel
interpretations of, laws, regulations or policies particularly
those relating to free trade agreements, tax rates and vehicle
safety and any government actions that may affect the production,
licensing, distribution, pricing, or selling of our products; (6)
our joint ventures, which we cannot operate solely for our benefit
and over which we may have limited control; (7) compliance with
laws and regulations applicable to our industry, including those
regarding fuel economy and emissions; (8) costs and risks
associated with litigation and government investigations; (9)
compliance with the terms of the Deferred Prosecution Agreement;
(10) our ability to maintain quality control over our vehicles and
avoid recalls and the cost and effect on our reputation and
products; (11) the ability of suppliers to deliver parts, systems
and components without disruption and on schedule; (12) our
dependence on our manufacturing facilities; (13) our ability to
realize production efficiencies and cost reductions; (14) our
ability to successfully restructure operations in various
countries; (15) our ability to manage risks related to security
breaches and other disruptions to vehicles, information technology
networks and systems; (16) our ability to develop captive financing
capability through GM Financial; (17) significant increases in
pension expense or projected pension contributions; (18)
significant changes in the economic, political, and regulatory
environment, market conditions, and foreign currency exchange
rates; and (19) uncertainties associated with the consummation of
the sale of GM Financial's European financing subsidiaries and
branches to the PSA Group, including receipt of necessary
regulatory approvals and the satisfaction of the closing
conditions. A further list and description of these risks,
uncertainties and other factors can be found in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2016, and our subsequent filings
with the Securities and Exchange Commission. GM cautions
readers not to place undue reliance on forward-looking statements.
GM undertakes no obligation to update publicly or otherwise revise
any forward-looking statements.
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SOURCE General Motors Co.