Feb 23, 2017
Peugeot owner PSA sees profits nearly double
Net income at PSA Group, which also owns Citroen, jumped 92% last year to 1.73bn euros. PSA's possible purchase of GM's European brands has raised fears of job losses at Vauxhall in the UK. On Wednesday, PSA said it had promised Theresa May it would "Develop" the Vauxhall brand if the deal goes ahead. But it offered no further commitments to protect the 4,500 jobs making cars at Ellesmere Port and vans in Luton. On Wednesday evening UK Prime Minister Theresa May spoke to PSA chief executive Carols Tavares on the telephone. During the call, PSA chief executive Carlos Tavares "Expressed his willingness to develop further the iconic Vauxhall brand for the benefit of its faithful customers", PSA said in a statement. Having engineered a rescue for PSA itself, when the French giant came close to going bust in 2014, Mr Tavares knows how to turn a failing business around.
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