PSA to Reveal Opel Restructuring Plan in November

PSA Group CEO Carlos Tavares says the company will be ready in November to announce its plan to revamp the Opel brand it bought from General Motors Co. for €2.5 billion ($3 billion) last month.

Tavares is determined to make Opel, a chronic money-losing business under GM, into a profitable enterprise. That will mean a combination of cost cuts and greater sales volume.

PSA has vowed that the Opel and its Vauxhall brand will remain German and British, respectively. Tavares also pledged to protect jobs. But he tells reporters it will be difficult to plan for the Vauxhall brand until the impact of the U.K.’s decision to exit the EU become clear.