The Associated Press

General Motors Sells Opel, Vauxhall to PSA for $2.3 Billion

French manufacturer PSA Group becomes Europe's second-ranked carmaker by sales

General motors has made a deal to sell two loss-making cars to French manufacturer PSA Group, the companies announced Monday, NBC News reported.

The deal, which gives German-based Opel and British-based Vauxhall to PSA Group, was valued at $2.3 billion. PSA Group promised to turn the two brands around to profit.

According to The Associated Press, the deal is expected to hand over 12 manufacturing facilities employing 40,000 people.

PSA Group, with the acquisition of Opel, becomes Europe's second-ranked carmaker by sales, while GM becomes a challenge to market-leader Volkswagen.

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