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PSA Group is demanding a refund from General Motors of between $711 million and $948 million stemming from the purchase of Opel by PSA. PSA is claiming that GM misrepresented Opel's emissions reduction strategy during the due diligence negotiations. EU Emissions regulations for 2021 set a target reduction of 130 g/km to 95 g/km. Regulators can fine manufacturers $113 per vehicle per gram over the limit. Any vehicle at the 130 g/km limit today would see fines of $3,955 per car sold. PSA claims that GM's plan for reaching that target relied on unrealistically high sales of the Opel Ampera-E, the European model of the US built Chevrolet Bolt EV, and extra rosy forecasts of diesel sales. Opel loses $11,850 per Ampera-E sold. PSA has already cut sales of the Ampera-E in Norway and raised its price at least $6,700 for the rest of Europe. Adding to the trouble are falling diesel sales in Europe as consumers move to less efficient gasoline engines. Even during the sale negotiations, PSA was was aware that GM was forecasting Opel to miss the 95 g/km target by 3.7 grams. Take the Ampera-E forecast of 20,000 vehicles out out of the picture and that number jumps to 6 g/km. Adjusting for falling diesel sales and Opel will miss its target by 10 grams. Such a large miss could result in fines approaching the entire purchase price of Opel ($1.54 billion). PSA is now speeding into production electric or plug-in hybrid variants of Opel's mainstay cars, with the entire lineup being converted to PSA platform architecture by 2024. PSA must now go through GM lawyers and arbitration to determine if they will get any refund from GM. View full article -
PSA Demanding Roughly 50% Refund From GM for Opel Purchase
Drew Dowdell posted an article in General Motors
PSA Group is demanding a refund from General Motors of between $711 million and $948 million stemming from the purchase of Opel by PSA. PSA is claiming that GM misrepresented Opel's emissions reduction strategy during the due diligence negotiations. EU Emissions regulations for 2021 set a target reduction of 130 g/km to 95 g/km. Regulators can fine manufacturers $113 per vehicle per gram over the limit. Any vehicle at the 130 g/km limit today would see fines of $3,955 per car sold. PSA claims that GM's plan for reaching that target relied on unrealistically high sales of the Opel Ampera-E, the European model of the US built Chevrolet Bolt EV, and extra rosy forecasts of diesel sales. Opel loses $11,850 per Ampera-E sold. PSA has already cut sales of the Ampera-E in Norway and raised its price at least $6,700 for the rest of Europe. Adding to the trouble are falling diesel sales in Europe as consumers move to less efficient gasoline engines. Even during the sale negotiations, PSA was was aware that GM was forecasting Opel to miss the 95 g/km target by 3.7 grams. Take the Ampera-E forecast of 20,000 vehicles out out of the picture and that number jumps to 6 g/km. Adjusting for falling diesel sales and Opel will miss its target by 10 grams. Such a large miss could result in fines approaching the entire purchase price of Opel ($1.54 billion). PSA is now speeding into production electric or plug-in hybrid variants of Opel's mainstay cars, with the entire lineup being converted to PSA platform architecture by 2024. PSA must now go through GM lawyers and arbitration to determine if they will get any refund from GM. -
Earlier this week, we reported on the rumor that the Opel Ampera was to go away once the next-generation Chevrolet Volt was introduced. Well it seems to be true. Opel CEO Karl-Thomas Neumann tweeted that the Ampera is on its way out. But another electric vehicle will take it place in the future. "After the eventual run-out of the current generation Ampera, we'll introduce a successor product in the electric vehicle segment. Our next electric vehicle will be part of our massive product offensive – with 27 new vehicles in the 2014-2018 time frame. We see eMobility as important part of the mobility of tomorrow and we will continue to drive down costs & deliver affordability," Neumann said on twitter. So what could this new EV be? Autoblog Green speculates it will not be the Chevrolet Spark EV, but something completely different. Stay tuned. Source: Autoblog Green William Maley is a staff writer for Cheers & Gears. He can be reached [email protected] or you can follow him on twitter at @realmudmonster. View full article
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Earlier this week, we reported on the rumor that the Opel Ampera was to go away once the next-generation Chevrolet Volt was introduced. Well it seems to be true. Opel CEO Karl-Thomas Neumann tweeted that the Ampera is on its way out. But another electric vehicle will take it place in the future. "After the eventual run-out of the current generation Ampera, we'll introduce a successor product in the electric vehicle segment. Our next electric vehicle will be part of our massive product offensive – with 27 new vehicles in the 2014-2018 time frame. We see eMobility as important part of the mobility of tomorrow and we will continue to drive down costs & deliver affordability," Neumann said on twitter. So what could this new EV be? Autoblog Green speculates it will not be the Chevrolet Spark EV, but something completely different. Stay tuned. Source: Autoblog Green William Maley is a staff writer for Cheers & Gears. He can be reached [email protected] or you can follow him on twitter at @realmudmonster. -
While the Chevrolet Volt has been doing ok in sales chart (ranging from 1,478 to 1,777 units since March), the same cannot be said for the Opel Ampera. When it launched in 2012 and took home the European Car Of The Year award, the model sold 5,200 units. But since then, the Ampera has been sinking like a rock. In 2013, dealers only moved 3,184 units, a massive drop of 40 percent. 2014 only looks to be worse as Opel has only sold 332 units through the end of May. Automotive News Europe reports that Opel will drop the Ampera once the next-generation Chevrolet Volt is launched, which is expected to happen in late 2015. An Opel spokesman declined to comment on this story when asked. Source: Automotive News Europe (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article -
While the Chevrolet Volt has been doing ok in sales chart (ranging from 1,478 to 1,777 units since March), the same cannot be said for the Opel Ampera. When it launched in 2012 and took home the European Car Of The Year award, the model sold 5,200 units. But since then, the Ampera has been sinking like a rock. In 2013, dealers only moved 3,184 units, a massive drop of 40 percent. 2014 only looks to be worse as Opel has only sold 332 units through the end of May. Automotive News Europe reports that Opel will drop the Ampera once the next-generation Chevrolet Volt is launched, which is expected to happen in late 2015. An Opel spokesman declined to comment on this story when asked. Source: Automotive News Europe (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
