Vauxhall will sell all-electric Corsa and make a profit by 2020

2017 Opel Insignia

Opel charts path back to the black under new owner PSA

The unchanged 1.7 billion euro synergies goal will be achieved by 2026, PSA reiterated, with roughly two-thirds or 1.1 billion euros due by 2021. All actions will contribute to a lower financial break-even point for Opel/Vauxhall of 800,000 vehicles, creating a profitable business model whatever the headwinds may be.

Opel would also follow the electrification path, aiming to become the Carbon dioxide leader in Europe.

According to Carbuyer, the forthcoming electric Corsa, plus a plug-in hybrid version, will be among four new electrified models that will join the Vauxhall line-up by 2024.

"The drivetrains of Peugeot and Citroen are clearly seen as much more efficient", it said. Overall efficiencies will be increased by reducing complexity across all functions with a ratio G&A/revenue moving from 5.6% to 4.7% and an objective to bring the company towards industry benchmark in terms of wage cost/revenue ratio.

Twenty percent of the synergies are expected to come from manufacturing.

By 2024, all new Vauxhalls will sit on just two PSA platforms - CMP for smaller vehicles like the upcoming Corsa, and EMP-2 for its larger vehicles.

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“PACE! will unleash our full potential.

Peugeot maker PSA Group vowed to move Opel models onto its own technology faster than initially planned to improve their emissions performance and secure promised savings from its acquisition of the loss-making German carmaker.

Ultimately, forced redundancies at Opel can only be avoided "to the extent that the implementation of the plan will deliver results", the CEO said.

However, Tavares warned that the turnaround would only work if unions representing the 38,000-strong workforce agree to a number of cost-saving measure, which include flexible working time arrangements, buyouts and early retirement schemes. The R&D center in Rüsselsheim will also become a global competence center for Groupe PSA, while the brand would go global. This will further guarantee German engineering quality and affordable innovations. Furthermore, the powertrain families will be reduced from now 10 to four.

From 2024 onwards, all Opel/Vauxhall passenger vehicle models will be based on joint Groupe PSA architectures. From 2020 on, the brand will continue with one major launch per year. Counting every body style, Opel/Vauxhall will launch 9 new models by 2020. While it gave no sales goals, the strategy outlined on Thursday included plans to enter 20 new markets by 2022.

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