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CEO: PSA Will Step Up Post-Brexit Presence

CEO: PSA Will Step Up Post-Brexit Presence

The chief of Peugeot owner PSA had said it will boost its UK presence in the event of a ‘hard Brexit’.

Editor’s Remarks: The comments come after the French car company announced a €2.2bn deal to acquire General Motors’ European operations, which includes UK unit Vauxhall and its continental sister company Opel. Amidst Europe-wide concerns over job losses, British ministers will be assuaged by PSA CEO Carlos Tavares’ remarks, who said a Brexit that incurs tariffs would be “a nice opportunity in terms of business”. His words could be seen as an attempt to sweet-talk UK ministers into expediting government funding support, though British workers will likely be indifferent between this interpretation and his own account which underlined the opportunities PSA sees in developing its UK supplier base in order to weight Vauxhall’s cost structure towards pounds as opposed to euros.

What to watch: PSA Group, General Motors, Opel, Vauxhall, Nissan, Theresa May, Philip Hammond

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