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Peugeot owner PSA sees profits rise

23rd Feb 17 2:43 pm

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The owner of Peugeot has announced profits which have almost doubled, this comes after the firm is considering buying General Motors’ (GM) Opel and Vauxhall brands.

Net income at the PSA Group jumped massively by 92 per cent last year to 1.73bn euros (£1.47bn).

The possible purchase of GM’s European brands has sparked fears of job losses at Vauxhall in the UK.

PSA has promised Theresa May that it would “develop” the Vauxhall brand if a deal goes ahead, however there was no further commitment mentioned when it came to protecting the 4,500 jobs making the cars at Ellesmere Port and vans in Luton.

A statement of intent is set to signed in the next two weeks.

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