Ticker UG

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Price Euros
As of 00:47 13 Oct 2018
Market cap. Euros
19,137.12 million
As of 09:38 13 Oct 2018

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Vauxhall owner warns of 'dramatic consequences' of Brexit
PSA chief Carlos Tavares warns of "dramatic consequences" for its UK plants if there is no deal.
Citroën CEO: ‘My directors' egos can be a bit like four-year-olds’
Linda Jackson is the first female and first British CEO of French carmaker Citroën.

French carmaker to build Peugeots and Citroens in the UK

Vauxhall plant in Luton
Getty Images

Vauxhall’s French parent company PSA has announced an investment in its Luton van-making plant which will eventually see Peugeot and Citroen branded vans made in the UK.

It secures 1,400 jobs beyond 2030 as the life-cycle of commercial vehicles is between 10 and 15 years.

The Business Secretary Greg Clark said: “Today’s decision is a vote of confidence in Vauxhall’s high skilled workforce and the UK’s world-leading automotive sector."

The Luton plant currently produces 60,000 Vauxhall Vivaro branded vans a year but that figure will climb to 100,000 when the next generation models - based on PSA’s Citroen and Peugeot technology - roll off the assembly line in 2019.

PSA group chief executive Carlos Tavares said: "This is a major milestone for the future of the Luton plant.”

PSA bought Opel/Vauxhall from General Motors last year.

Record profits at Peugeot

Peugeot cars
Getty Images

French carmaker PSA Group said operating profit climbed 11% to €3.53bn (£3.13bn) in 2017.

It raised its dividend payout to 53 cents a share.

The maker of Peugeot, Citroen, Opel and Vauxhall cars revealed the profits boost despite a €170m loss at Opel, which it bought from General Motors last August.

"We have a very agile company, and we know how to move around the chaos," chief executive Carlos Tavares told reporters.

The figures were helped by strong sales of a revamped Peugeot 3008 compact SUV and Citroen C3 mini.

Last month, PSA's French rival Renault also posted record sales and profits for 2017.

'What makes us sustainable is profitability'
'What makes us sustainable is profitability', says PSA boss Carlos Tavares following its takeover of German manufacturer Opel.