General Motors (NYSE:GM) said Tuesday it completed the sale of its European business to PSA Group, the owner of French car brand Peugeot.
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The largest U.S. automaker has revamped its international portfolio this year. In addition to shedding its Opel and Vauxhall brands for $2.33 billion, GM has ended sales in India and exited South Africa.
“We’ve taken another bold step in our ongoing work to transform GM,” GM President Dan Ammann said in a statement on the European sale. “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.”
GM’s sale of its European financial unit to PSA Group and BNP Paribas (OTC:BNPQY) is on track to close later this year.
Shares fell 3.1% to $34.85 in recent trading, as GM joined rival automakers in reporting weaker July U.S. sales.