Opel plans to turn a profit by 2020 under new French owners

Vauxhall's profitability plan: electric Corsa, Grandland X PHEV and nine new models due by 2020

Vauxhall's profitability plan: electric Corsa, Grandland X PHEV and nine new models due by 2020

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.

Opel would also follow the electrification path, aiming to become the Carbon dioxide leader in Europe. All models will offer electric or plug-in hybrid versions by 2024. By 2020, Opel/Vauxhall will have four electrified carlines on the market, including the Grandland X PHEV and the next generation Corsa as a fully electric vehicle.

Synergies within the group would cut costs by 700 Euros per auto in the coming years, and Opel would need to produce just 800,000 units per year to break even. PSA announced they would keep all factories, but eliminate redundancies to keep costs low.

Improved competitiveness of the manufacturing plants will lead to new vehicle allocations that will provide a better utilisation rate for the next decade.

PM Modi, Sheikh Hasina launch passenger train between Kolkata and Bangladesh
While Bengal chief minister described the launch as a remarkable moment for India and Bangladesh. Railway sources said the new train would start its commercial operation from November 16.

With Opel having lost around US$10 billion ($13 billion) and shed 30,000 jobs over the last 15 years, stemming the tide of red ink is one of management's more immediate tasks.

Lohscheller commented: "PACE! will unleash our full potential".

"We have a real opportunity to rescue this company", PSA chief executive Carlos Tavares told a press conference at Opel's historic Ruesselsheim headquarters near Frankfurt.

"The plan is designed with the clear intention to maintain all plants and refrain from forced redundancies in Europe", the group said. "The necessary and sustainable reduction of labour costs shall be reached with thoughtful measures such as innovative working time concepts, voluntary programmes or 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.

Income Tax Officials Raid In Jaya TV Office In Chennai
Meanwhile, in all the premises where searches were conducted, Tamil Nadu police provided security to I-T department officials. A group of 30 I-T officials conducted raids at 11 places in Thanjavur and Tiruchirappalli districts from 7 am.

Overall, Opel aims to reduce the number of platforms it uses for passenger cars from nine now to two by 2024, with the number of powertrains cut by ten to four.

Michael Lohscheller, Opel/Vauxhall CEO said: "Aligning architecture and powertrain families will substantially reduce development and production complexity, thus allowing scale effects and synergies, contributing to overall profitability".

Opel/Vauxhall will switch to efficient and flexible Groupe PSA vehicle architectures faster than originally expected.

Opel will introduce at least two new cars in 2019 including the Corsa mini, with a larger SUV to follow among a total of nine models or variants promised by the following year - a more ambitious product blitz than previously announced.

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The U.S. government and its European partners immediately imposed sanctions on Russian officials considered to be involved in Ukraine.

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