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    Sales Figure Ticker: April 2014


    • Another Month, Another Sales Figure Ticker

    Maserati North America - Up 373% (964 Vehicles Sold This Month; 3,332 Vehicles Sold So Far This Year)

    Mitsubishi Motors North America - Up 46.6% (6,542 Vehicles Sold This Month; 26,382 Vehicles Sold So Far This Year)

    Subaru of America, Inc. - Up 21.7% (40,083 Vehicles Sold This Month; 152,471 Vehicles Sold So Far This Year)

    Audi of America - Up 19% (15,653 Vehicles Sold This Month; 14,016 Vehicles Sold So Far This Year)

    Jaguar Land Rover North America - Up 18.9% (5,568 Vehicles Sold This Month; 23,362 Vehicles Sold So Far This Year)

    Nissan North America - Up 18.3% (103.934 Vehicles Sold This Month; 458,900 Vehicles Sold So Far This Year)

    Chrysler Group LLC - Up 14% (178,652 Vehicles Sold This Month; 654,616 Vehicles Sold So Far This Year)

    Toyota Motor Sales - Up 13.3% (199,660 Vehicles Sold This Month; 720,657 Vehicles Sold So Far This Year)

    Kia Motors America - Up 12.9% (53,676 Vehicles Sold This Month; 186,682 Vehicles Sold So Far This Year)

    Mazda North American Operations - Up 12.8% (22,434 Vehicles Sold This Month; 100,492 Vehicles Sold So Far This Year)

    Mercedes-Benz USA - Up 12.1% (29,329 Vehicles Sold This Month; 108,804 Vehicles Sold So Far This Year)

    General Motors Co. - Up 6.9% (254,076 Vehicles Sold This Month; 903,713 Vehicles Sold So Far This Year)

    Hyundai Motor America - Up 4.4% (66,107 Vehicles Sold This Month; 226,120 Vehicles Sold So Far This Year)

    Volvo Cars of North America, LLC - Up 3.8% (4,635 Vehicles Sold This Month; 18,333 Vehicles Sold So Far This Year)

    BMW Group U.S. - Up 2% (29,592 Vehicles Sold This Month; 110,626 Vehicles Sold So Far This Year)

    American Honda Motor Co. - Up 1.1% (132,456 Vehicles Sold This Month; 457,810 Vehicles Sold So Far This Year)

    Porsche Cars North America, Inc. - Up 1% (4,072 Vehicles Sold This Month; 14,207 Vehicles Sold So Far This Year)

    Ford Motor Company - Down 0.7% (211,126 Vehicles Sold This Month; 793,884 Vehicles Sold So Far This Year)

    Volkswagen of America - Down 8.4% (30,831 Vehicles Sold This Month; 118,154 Vehicles Sold So Far This Year)

    Brands:

    Maserati - Up 373% (964 Vehicles Sold This Month; 3,332 Vehicles Sold So Far This Year)

    smart - Up 57.1% (1,048 Vehicles Sold This Month; 3,285 Vehicles Sold So Far This Year)

    Jeep - Up 54% (59,754 Vehicles Sold This Month; 205,593 Vehicles Sold So Far This Year)

    Mitsubishi - Up 46.6% (6,542 Vehicles Sold This Month; 26,382 Vehicles Sold So Far This Year)

    Sprinter - Up 29.1% (2,394 Vehicles Sold This Month; 7,018 Vehicles Sold So Far This Year)

    Lexus - Up 28% (23,165 Vehicles Sold This Month; 88,250 Vehicles Sold So Far This Year)

    Land Rover - Up 27.9% (4,533 Vehicles Sold This Month; 17,612 Vehicles Sold So Far This Year)

    Ram - Up 22% (39,170 Vehicles Sold This Month; 140,163 Vehicles Sold So Far This Year)

    Subaru - Up 21.7% (40,083 Vehicles Sold This Month; 152,471 Vehicles Sold So Far This Year)

    Audi - Up 19% (15,653 Vehicles Sold This Month; 14,016 Vehicles Sold So Far This Year)

    Nissan - Up 18.5% (94,764 Vehicles Sold This Month; 418,509 Vehicles Sold So Far This Year)

    Infiniti - Up 16.9% (9,170 Vehicles Sold This Month; 40,391 Vehicles Sold So Far This Year)

    GMC - Up 13% (39,314 Vehicles Sold This Month; 143,782 Vehicles Sold So Far This Year)

    Kia - Up 12.9% (53,676 Vehicles Sold This Month; 186,682 Vehicles Sold So Far This Year)

    Mazda - Up 12.8% (22,434 Vehicles Sold This Month; 100,492 Vehicles Sold So Far This Year)

    Buick - Up 12% (19,214 Vehicles Sold This Month; 72,112 Vehicles Sold So Far This Year)

    Toyota - Up 11.7% (176,495 Vehicles Sold This Month; 632,407 Vehicles Sold So Far This Year)

    Fiat - Up 10% (4,298 Vehicles Sold This Month; 15,723 Vehicles Sold So Far This Year)

    Mercedes-Benz - Up 9.5% (25,887 Vehicles Sold This Month; 98,501 Vehicles Sold So Far This Year)

    BMW - Up 8.5% (25,202 Vehicles Sold This Month; 97,579 Vehicles Sold So Far This Year)

    Chevrolet - Up 5.3% (181,648 Vehicles Sold This Month; 634,331 Vehicles Sold So Far This Year)

    Cadillac - Up 5.1% (13,900 Vehicles Sold This Month; 53,488 Vehicles Sold So Far This Year)

    Hyundai - Up 4.4% (66,107 Vehicles Sold This Month; 226,120 Vehicles Sold So Far This Year)

    Volvo - Up 3.8% (4,635 Vehicles Sold This Month; 18,333 Vehicles Sold So Far This Year)

    Acura - Up 1.6% (14,122 Vehicles Sold This Month; 52,070 Vehicles Sold So Far This Year)

    Honda - Up 1.1% (118,334 Vehicles Sold This Month; 405,740 Vehicles Sold So Far This Year)

    Porsche - Up 1% (4,072 Vehicles Sold This Month; 14,207 Vehicles Sold So Far This Year)

    Dodge - 0% (53,463 Vehicles Sold This Month; 198,697 Vehicles Sold So Far This Year)

    Ford - Down 0.3% (204,323 Vehicles Sold This Month; 765,498 Vehicles Sold So Far This Year)

    Scion - Down 5.5% (5,386 Vehicles Sold This Month; 19,843 Vehicles Sold So Far This Year)

    Volkswagen - Down 8.4% (30,831 Vehicles Sold This Month; 118,154 Vehicles Sold So Far This Year)

    Jaguar - Down 9.3% (1,035 Vehicles Sold This Month; 5,750 Vehicles Sold So Far This Year)

    Lincoln - Down 10.7% (6,803 Vehicles Sold This Month; 28,406 Vehicles Sold So Far This Year)

    Chrysler - Down 21% (21,967 Vehicles Sold This Month; 94,450 Vehicles Sold So Far This Year)

    MINI - Down 24.1% (4,390 Vehicles Sold This Month; 13,047 Vehicles Sold So Far This Year)

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

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    Very cool numbers for GM, Amazing that without JEEP, Chrysler would be flat as Ram off sets dodge and the negative Chrysler.

    Very happy with the numbers for the GM divisions. Now to go higher. :D

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    • By William Maley
      It is now official. This morning, PSA Group has agreed to buy Opel and Vauxhall from General Motors for 2.2 billion euros (about $2.3 billion). The deal is comprised of a 1.8 billion euros ($1.9 billion) payment for Opel and Vauxhall, along with a stake in Opel's financing arm. This makes PSA Group the second-largest automaker in Europe.
      “It gives us the opportunity to become a real European champion. Our plan is to build a common future for Opel and Vauxhall and fix the existing issues,” said PSA Chief Executive Officer Carlos Tavares.
      Those existing issues include Opel and Vauxhall never breaking even for GM. Over the past two decades, Opel and Vauxhall have lost almost $20 billion. In 2016, the division was projected to break even, but the complications of Great Britain leaving the EU meant they posted a loss of $257 million.
      "The way I look at this is positioning Opel-Vauxhall to be incredibly successful in the future," said GM CEO Mary Barra when asked by a reporter if she was relieved about the sale of Opel and Vauxhall. 
      "General Motors doesn't have to be relieved. They can be proud of giving Opel-Vauxhall a better future," said Tavares.
      PSA Group is aiming to make Opel and Vauxhall profitable once again, with operating profit targets of 2 percent in 2020 and 6 percent by 2026. These targets will be reached by joint cost savings of 1.7 billion euros (about $1.8 billion) by spreading the costs of developing new vehicles and sharing purchasing costs.
      General Motors won't be fully cutting its ties with Opel and Vauxhall for the time being. GM has allowed PSA Group to license technology rights to keep selling current models (including the upcoming Insignia) until they transition onto PSA platforms. According to Reuters, the next-generation Opel/Vauxhall Corsa will be the first PSA developed model. GM will also collaborate with PSA on various projects such as hydrogen fuel cells. Finally, GM will pay PSA 3 billion euros ($3.18 billion) to settle transferred pension obligations.
      But there are still a number of unanswered questions with this deal. The big one deals with job cuts and plant closures. With this deal, PSA group will add roughly 38,000 workers and 10 production facilities. Some analysts believe that PSA Group will close two to three plants within the next five years, with the possibility of those closures taking place in Great Britain due to Brexit. Taveres has said that the automaker would honor existing labor agreements and closing plants is a “simplistic” solution.
      “We don’t need to shut down plants,” said Tavares.
      Second is what will happen for Buick and Holden when models they share with Opel transition to PSA platforms. Both Buick and Holden will be getting the next-generation Insignia as the Regal and Commodore. Buick also gets the Opel Mokka to sell as the Encore, while Holden sells the Astra compact.
      Finally, there is the question about PSA Group's plans to re-enter the U.S. How does the purchase of Opel and Vauxhall affect their plans?
      Source: Bloomberg, Reuters, Automotive News (Subscription Required), General Motors, PSA Group
      Press Release is on Page 2


      Opel/Vauxhall to join PSA Group
      Establishes PSA Group as #2 in Europe. This strong and balanced presence in its home markets will serve as the basis of profitable growth worldwide Joint venture in auto financing with BNP Paribas to support development of Opel/Vauxhall brands €2.2 Bn transaction advances GM’s transformation and unlocks shareholder value through disciplined capital allocation Detroit and Paris – General Motors Co. (NYSE:GM) and PSA Group (Paris:UG) today announced an agreement under which GM’s Opel/Vauxhall subsidiary and GM Financial’s European operations will join the PSA Group in a transaction valuing these activities at €1.3 Bn and €0.9 Bn, respectively.
      With the addition of Opel/Vauxhall, which generated revenue of €17.7 Bn in 20161, PSA will become the second-largest automotive company in Europe, with a 17% market share2.
      Creates sound European foundation for PSA to support its worldwide profitable growth
      “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround,” said Carlos Tavares, chairman of the Managing Board of PSA. “We respect all that Opel/Vauxhall’s talented people have achieved as well as the company’s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner. We see this as a natural extension of our relationship and are eager to take it to the next level.”
      “We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees,” continued Mr. Tavares.
      Advances GM’s Transformation and Unlocks Value
      “We are very pleased that together, GM, our valued colleagues at Opel/Vauxhall and PSA have created a new opportunity to enhance the long-term performance of our respective companies by building on the success of our prior alliance”, said Mary T. Barra, GM chairman and chief executive officer.
      “For GM, this represents another major step in the ongoing work that is driving our improved performance and accelerating our momentum. We are reshaping our company and delivering consistent, record results for our owners through disciplined capital allocation to our higher-return investments in our core automotive business and in new technologies that are enabling us to lead the future of personal mobility.
      “We believe this new chapter puts Opel and Vauxhall in an even stronger position for the long term and we look forward to our participation in the future success and strong value-creation potential of PSA through our economic interest and continued collaboration on current and exciting new projects,” Ms. Barra concluded.
      Strengthens Each Company for the Long Term
      The transaction will allow substantial economies of scale and synergies in purchasing, manufacturing and R&D. Annual synergies of €1.7 Bn are expected by 2026 – of which a significant part is expected to be delivered by 2020, accelerating Opel/Vauxhall’s turnaround. Leveraging the successful partnership with GM, PSA expects Opel/Vauxhall to reach a recurring operating margin3 of 2% by 2020 and 6% by 2026, and to generate a positive operational free cash flow4 by 2020.
      PSA, together with BNP Paribas, will also acquire all of GM Financial’s European operations through a newly formed 50%/50% joint venture that will retain GM Financial’s current European platform and team. This joint venture will be fully consolidated by BNP Paribas and accounted under the equity method by PSA.
      The transaction is another step in GM’s ongoing work to transform the company, which has delivered three years of record performance and a strong 2017 outlook, and returned significant capital to shareholders. It will strengthen GM’s core business, support its continued deployment of resources to higher-return opportunities including in advanced technologies driving the future, and unlock significant value for shareholders.
      By immediately improving EBIT-adjusted, EBIT-adjusted margins and adjusted automotive free cash flow and de-risking the balance sheet, the transaction will enable GM to lower the cash balance requirement under its capital allocation framework by $2 Bn, which it intends to use to accelerate share repurchases, subject to market conditions.
      GM will also participate in the future success of the combined entity through its ownership of warrants to purchase shares of PSA. GM and PSA also expect to collaborate in the further deployment of electrification technologies and existing supply agreements for Holden and certain Buick models will continue, and PSA may potentially source long-term supply of fuel cell systems from the GM/Honda joint venture.
      Additional Information
      Terms of the Agreement
      Opel/Vauxhall automotive operations will be acquired by PSA for €1.3 Bn. GM Financial’s European operations will be jointly acquired by PSA and BNP Paribas for 0.8 times their pro forma book value at the closing of the transaction, or approximately €0.9 Bn.
      The transaction has a total value of €2.2 Bn, for Opel/Vauxhall automotive operations and 100% of GM Financial’s European operations.
      The transaction value for PSA, including Opel/Vauxhall and 50% of GM Financial’s European operations, will be €1.8 Bn.
      In connection with this transaction, GM or its affiliates will subscribe warrants for €0.65 Bn. These warrants have a nine-year maturity and are exercisable at any time in whole or in part commencing 5 years after the issue date, with a strike price of €1. Based on a reference price of €17.34 for the PSA share5 , the warrants correspond to 39.7 MM shares of PSA, or 4.2% of its fully diluted share capital6. GM will not have governance or voting rights with respect to PSA and has agreed to sell the PSA shares received upon exercise of the warrants within 35 days after exercise.
      The transaction includes all of Opel/Vauxhall’s automotive operations, comprising Opel and Vauxhall brands, six assembly and five component-manufacturing facilities, one engineering center (Rüsselsheim) and approximately 40,000 employees. GM will retain the engineering center in Torino, Italy.
      Opel/Vauxhall will also continue to benefit from intellectual property licenses from GM until its vehicles progressively convert to PSA platforms over the coming years.
      In connection with the transaction, GM will take a primarily non-cash special charge of $4.0-4.5 Bn.
      Ongoing Pension Fund Commitments
      All of Opel/Vauxhall’s European and U.K. pension plans, funded and unfunded, with the exception of the German Actives Plan and selected smaller plans will remain with GM. The obligations with respect to the German Actives Plan and these smaller plans of Opel/Vauxhall will be transferred to PSA. GM will pay PSA €3.0 Bn for full settlement of transferred pension obligations.
      Closing Conditions
      The transaction is subject to various closing conditions, including regulatory approvals and reorganizations, and is expected to close before the end of 2017.
      Warrants
      The issuance of the warrants is subject to the vote of shareholders at PSA’s General Meeting of May 10th, 2017. The three main shareholders of PSA (the French State, the Peugeot family and DongFeng) representing in aggregate 36.6% of the share capital and 51.5%7 of the voting rights of PSA have undertaken to vote in favor of the resolution related to the issuance of the warrants to GM. In the event the warrant issuance reserved to GM and its affiliates is not approved by PSA’s General Meeting, PSA will settle the €0.65 Bn in cash over five years.

      View full article
    • By William Maley
      It is now official. This morning, PSA Group has agreed to buy Opel and Vauxhall from General Motors for 2.2 billion euros (about $2.3 billion). The deal is comprised of a 1.8 billion euros ($1.9 billion) payment for Opel and Vauxhall, along with a stake in Opel's financing arm. This makes PSA Group the second-largest automaker in Europe.
      “It gives us the opportunity to become a real European champion. Our plan is to build a common future for Opel and Vauxhall and fix the existing issues,” said PSA Chief Executive Officer Carlos Tavares.
      Those existing issues include Opel and Vauxhall never breaking even for GM. Over the past two decades, Opel and Vauxhall have lost almost $20 billion. In 2016, the division was projected to break even, but the complications of Great Britain leaving the EU meant they posted a loss of $257 million.
      "The way I look at this is positioning Opel-Vauxhall to be incredibly successful in the future," said GM CEO Mary Barra when asked by a reporter if she was relieved about the sale of Opel and Vauxhall. 
      "General Motors doesn't have to be relieved. They can be proud of giving Opel-Vauxhall a better future," said Tavares.
      PSA Group is aiming to make Opel and Vauxhall profitable once again, with operating profit targets of 2 percent in 2020 and 6 percent by 2026. These targets will be reached by joint cost savings of 1.7 billion euros (about $1.8 billion) by spreading the costs of developing new vehicles and sharing purchasing costs.
      General Motors won't be fully cutting its ties with Opel and Vauxhall for the time being. GM has allowed PSA Group to license technology rights to keep selling current models (including the upcoming Insignia) until they transition onto PSA platforms. According to Reuters, the next-generation Opel/Vauxhall Corsa will be the first PSA developed model. GM will also collaborate with PSA on various projects such as hydrogen fuel cells. Finally, GM will pay PSA 3 billion euros ($3.18 billion) to settle transferred pension obligations.
      But there are still a number of unanswered questions with this deal. The big one deals with job cuts and plant closures. With this deal, PSA group will add roughly 38,000 workers and 10 production facilities. Some analysts believe that PSA Group will close two to three plants within the next five years, with the possibility of those closures taking place in Great Britain due to Brexit. Taveres has said that the automaker would honor existing labor agreements and closing plants is a “simplistic” solution.
      “We don’t need to shut down plants,” said Tavares.
      Second is what will happen for Buick and Holden when models they share with Opel transition to PSA platforms. Both Buick and Holden will be getting the next-generation Insignia as the Regal and Commodore. Buick also gets the Opel Mokka to sell as the Encore, while Holden sells the Astra compact.
      Finally, there is the question about PSA Group's plans to re-enter the U.S. How does the purchase of Opel and Vauxhall affect their plans?
      Source: Bloomberg, Reuters, Automotive News (Subscription Required), General Motors, PSA Group
      Press Release is on Page 2


      Opel/Vauxhall to join PSA Group
      Establishes PSA Group as #2 in Europe. This strong and balanced presence in its home markets will serve as the basis of profitable growth worldwide Joint venture in auto financing with BNP Paribas to support development of Opel/Vauxhall brands €2.2 Bn transaction advances GM’s transformation and unlocks shareholder value through disciplined capital allocation Detroit and Paris – General Motors Co. (NYSE:GM) and PSA Group (Paris:UG) today announced an agreement under which GM’s Opel/Vauxhall subsidiary and GM Financial’s European operations will join the PSA Group in a transaction valuing these activities at €1.3 Bn and €0.9 Bn, respectively.
      With the addition of Opel/Vauxhall, which generated revenue of €17.7 Bn in 20161, PSA will become the second-largest automotive company in Europe, with a 17% market share2.
      Creates sound European foundation for PSA to support its worldwide profitable growth
      “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround,” said Carlos Tavares, chairman of the Managing Board of PSA. “We respect all that Opel/Vauxhall’s talented people have achieved as well as the company’s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner. We see this as a natural extension of our relationship and are eager to take it to the next level.”
      “We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees,” continued Mr. Tavares.
      Advances GM’s Transformation and Unlocks Value
      “We are very pleased that together, GM, our valued colleagues at Opel/Vauxhall and PSA have created a new opportunity to enhance the long-term performance of our respective companies by building on the success of our prior alliance”, said Mary T. Barra, GM chairman and chief executive officer.
      “For GM, this represents another major step in the ongoing work that is driving our improved performance and accelerating our momentum. We are reshaping our company and delivering consistent, record results for our owners through disciplined capital allocation to our higher-return investments in our core automotive business and in new technologies that are enabling us to lead the future of personal mobility.
      “We believe this new chapter puts Opel and Vauxhall in an even stronger position for the long term and we look forward to our participation in the future success and strong value-creation potential of PSA through our economic interest and continued collaboration on current and exciting new projects,” Ms. Barra concluded.
      Strengthens Each Company for the Long Term
      The transaction will allow substantial economies of scale and synergies in purchasing, manufacturing and R&D. Annual synergies of €1.7 Bn are expected by 2026 – of which a significant part is expected to be delivered by 2020, accelerating Opel/Vauxhall’s turnaround. Leveraging the successful partnership with GM, PSA expects Opel/Vauxhall to reach a recurring operating margin3 of 2% by 2020 and 6% by 2026, and to generate a positive operational free cash flow4 by 2020.
      PSA, together with BNP Paribas, will also acquire all of GM Financial’s European operations through a newly formed 50%/50% joint venture that will retain GM Financial’s current European platform and team. This joint venture will be fully consolidated by BNP Paribas and accounted under the equity method by PSA.
      The transaction is another step in GM’s ongoing work to transform the company, which has delivered three years of record performance and a strong 2017 outlook, and returned significant capital to shareholders. It will strengthen GM’s core business, support its continued deployment of resources to higher-return opportunities including in advanced technologies driving the future, and unlock significant value for shareholders.
      By immediately improving EBIT-adjusted, EBIT-adjusted margins and adjusted automotive free cash flow and de-risking the balance sheet, the transaction will enable GM to lower the cash balance requirement under its capital allocation framework by $2 Bn, which it intends to use to accelerate share repurchases, subject to market conditions.
      GM will also participate in the future success of the combined entity through its ownership of warrants to purchase shares of PSA. GM and PSA also expect to collaborate in the further deployment of electrification technologies and existing supply agreements for Holden and certain Buick models will continue, and PSA may potentially source long-term supply of fuel cell systems from the GM/Honda joint venture.
      Additional Information
      Terms of the Agreement
      Opel/Vauxhall automotive operations will be acquired by PSA for €1.3 Bn. GM Financial’s European operations will be jointly acquired by PSA and BNP Paribas for 0.8 times their pro forma book value at the closing of the transaction, or approximately €0.9 Bn.
      The transaction has a total value of €2.2 Bn, for Opel/Vauxhall automotive operations and 100% of GM Financial’s European operations.
      The transaction value for PSA, including Opel/Vauxhall and 50% of GM Financial’s European operations, will be €1.8 Bn.
      In connection with this transaction, GM or its affiliates will subscribe warrants for €0.65 Bn. These warrants have a nine-year maturity and are exercisable at any time in whole or in part commencing 5 years after the issue date, with a strike price of €1. Based on a reference price of €17.34 for the PSA share5 , the warrants correspond to 39.7 MM shares of PSA, or 4.2% of its fully diluted share capital6. GM will not have governance or voting rights with respect to PSA and has agreed to sell the PSA shares received upon exercise of the warrants within 35 days after exercise.
      The transaction includes all of Opel/Vauxhall’s automotive operations, comprising Opel and Vauxhall brands, six assembly and five component-manufacturing facilities, one engineering center (Rüsselsheim) and approximately 40,000 employees. GM will retain the engineering center in Torino, Italy.
      Opel/Vauxhall will also continue to benefit from intellectual property licenses from GM until its vehicles progressively convert to PSA platforms over the coming years.
      In connection with the transaction, GM will take a primarily non-cash special charge of $4.0-4.5 Bn.
      Ongoing Pension Fund Commitments
      All of Opel/Vauxhall’s European and U.K. pension plans, funded and unfunded, with the exception of the German Actives Plan and selected smaller plans will remain with GM. The obligations with respect to the German Actives Plan and these smaller plans of Opel/Vauxhall will be transferred to PSA. GM will pay PSA €3.0 Bn for full settlement of transferred pension obligations.
      Closing Conditions
      The transaction is subject to various closing conditions, including regulatory approvals and reorganizations, and is expected to close before the end of 2017.
      Warrants
      The issuance of the warrants is subject to the vote of shareholders at PSA’s General Meeting of May 10th, 2017. The three main shareholders of PSA (the French State, the Peugeot family and DongFeng) representing in aggregate 36.6% of the share capital and 51.5%7 of the voting rights of PSA have undertaken to vote in favor of the resolution related to the issuance of the warrants to GM. In the event the warrant issuance reserved to GM and its affiliates is not approved by PSA’s General Meeting, PSA will settle the €0.65 Bn in cash over five years.
    • By William Maley
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      Hyundai Motor America - 

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      Ford - Down 4.5% (199,696 Vehicles Sold This Month, 363,523 Vehicles Sold This Year)
      Genesis - 
      GMC - Up 17.2% (46,339 Vehicles Sold This Month, 83,663 Vehicles Sold This Year)
      Honda - Up 4.3% (110,822 Vehicles Sold This Month, 208,000 Vehicles Sold This Year)
      Hyundai - 
      Infiniti - Up 32.5% (13,737 Vehicles Sold This Month, 25,295 Vehicles Sold This Year)
      Jaguar - Up 130.4% (3,484 Vehicles Sold This Month, 6,423 Vehicles Sold This Year)
      Jeep - Down 15% (62,345 Vehicles Sold This Month, 120,760 Vehicles Sold This Year)
      Kia - Down 14.2% (42,673 Vehicles Sold This Month, 78,299 Vehicles Sold This Year)
      Land Rover - Down 10.4% (5,747 Vehicles Sold This Month, 11,910 Vehicles Sold This Year)
      Lexus - Down 20.6% (18,338 Vehicles Sold This Month, 33.910 Vehicles Sold This Year)
      Lincoln - Up 8.8% (8,744 Vehicles Sold This Month, 17,529 Vehicles Sold This Year)
      Maserati - Up 49% (1,087 Vehicles Sold This Month, 26,942 Vehicles Sold This Year)
      Mazda - Up 5.9% (22,824 Vehicles Sold This Month, 44,522 Vehicles Sold This Year)
      Mercedes-Benz - Up 6.9% (24,522 Vehicles Sold This Month, 50,049 Vehicles Sold This Year)
      Mercedes-Benz Vans - Up 10.8% (2,513 Vehicles Sold This Month, 4,562 Vehicles Sold This Year)
      MINI - Down 24.1% (2,154 Vehicles Sold This Month, 5,264 Vehicles Sold This Year)
      Mitsubishi - Up 38.8% (10,924 Vehicles Sold This Month, 17,381 Vehicles Sold This Year)
      Nissan - Up 1.2% (122,003 Vehicles Sold This Month, 222,764 Vehicles Sold This Year)
      Porsche - Up 2.1% (3,637 Vehicles Sold This Month, 8,239 Vehicles Sold This Year)
      Ram Trucks - Up 4% (42,785 Vehicles Sold This Month, 80,830 Vehicles Sold This Year)
      Smart - Down 17.5% (348 Vehicles Sold This Month, 672 Vehicles Sold This Year)
      Subaru - Up 8.3% (45,500 Vehicles Sold This Month, 89,379 Vehicles Sold This Year)
      Toyota - Up 5.4% (156,001 Vehicles Sold This Month, 283,447 Vehicles Sold This Year)
      Volkswagen - Up 12.65% (25,145 Vehicles Sold This Month, 48,655 Vehicles Sold This Year)
      Volvo - Down 11.6% (4,651 Vehicles Sold This Month, 8,123 Vehicles Sold This Year)

      View full article
    • By William Maley
      Maserati North America, Inc. - Up 49% (1,087 Vehicles Sold This Month, 26,942 Vehicles Sold This Year)
      Mitsubishi Motors North America - Up 38.8% (10,924 Vehicles Sold This Month, 17,381 Vehicles Sold This Year)
      Audi of America - Up 17.3% (9,102 Vehicles Sold This Month, 26,942 Vehicles Sold This Year)
      Jaguar Land Rover North America - Up 16.4% (9,231 Vehicles Sold This Month, 18,333 Vehicles Sold This Year)
      Volkswagen of America - Up 12.65% (25,145 Vehicles Sold This Month, 48,655 Vehicles Sold This Year)
      Subaru of America, Inc. - Up 8.3% (45,500 Vehicles Sold This Month, 89,379 Vehicles Sold This Year)
      Mercedes-Benz USA - Up 6.8% (27,383 Vehicles Sold This Month, 55,283 Vehicles Sold This Year)
      Mazda North American Operations - Up 5.9% (22,824 Vehicles Sold This Month, 44,522 Vehicles Sold This Year)
      General Motors Co. - Up 4.2% (237,388 Vehicles Sold This Month, 433,297 Vehicles Sold This Year)
      Nissan North America - Up 3.7% (135,740 Vehicles Sold This Month, 248,059 Vehicles Sold This Year)
      American Honda Motor Co. - Up 2.3% (121,686 Vehicles Sold This Month, 228,066 Vehicles Sold This Year)
      Porsche Cars North America, Inc. - Up 2.1% (3,637 Vehicles Sold This Month, 8,239 Vehicles Sold This Year)
      BMW Group U.S. - Down 2.5% (208,440 Vehicles Sold This Month, 381,052 Vehicles Sold This Year)
      Ford Motor Company - Down 4% (208,440 Vehicles Sold This Month, 381,052 Vehicles Sold This Year)
      Toyota Motor North America - Down 7.2% (174,339 Vehicles Sold This Month, 317,387 Vehicles Sold This Year)
      FCA US LLC - Down 10% (168,326 Vehicles Sold This Month, 320,544 Vehicles Sold This Year)
      Volvo Cars of North America, LLC - Down 11.6% (4,651 Vehicles Sold This Month, 8,123 Vehicles Sold This Year)
      Kia Motors America - Down 14.2% (42,673 Vehicles Sold This Month, 78,299 Vehicles Sold This Year)

      Hyundai Motor America - 

      Brands:
      Acura - Down 14.9% (10,864 Vehicles Sold This Month, 20,066 Vehicles Sold This Year)
      Alfa Romeo - Up 843% (443 Vehicles Sold This Month, 551 Vehicles Sold This Year)
      Audi - Up 17.3% (9,102 Vehicles Sold This Month, 26,942 Vehicles Sold This Year)
      BMW - Up 0.3% (22,558 Vehicles Sold This Month, 40,667 Vehicles Sold This Year)
      Buick - Down 9.4% (16,131 Vehicles Sold This Month, 29,248 Vehicles Sold This Year)
      Cadillac - Down 8.6% (10,823 Vehicles Sold This Month, 21,121 Vehicles Sold This Year)
      Chevrolet - Up 3.4% (164,095 Vehicles Sold This Month, 299,265 Vehicles Sold This Year)
      Chrysler - Down 28% (16,730 Vehicles Sold This Month, 30,107 Vehicles Sold This Year)
      Dodge - Down 7% (43,878 Vehicles Sold This Month, 83,987 Vehicles Sold This Year)
      Fiat - Down 19% (2,145 Vehicles Sold This Month, 4,309 Vehicles Sold This Year)
      Ford - Down 4.5% (199,696 Vehicles Sold This Month, 363,523 Vehicles Sold This Year)
      Genesis - 
      GMC - Up 17.2% (46,339 Vehicles Sold This Month, 83,663 Vehicles Sold This Year)
      Honda - Up 4.3% (110,822 Vehicles Sold This Month, 208,000 Vehicles Sold This Year)
      Hyundai - 
      Infiniti - Up 32.5% (13,737 Vehicles Sold This Month, 25,295 Vehicles Sold This Year)
      Jaguar - Up 130.4% (3,484 Vehicles Sold This Month, 6,423 Vehicles Sold This Year)
      Jeep - Down 15% (62,345 Vehicles Sold This Month, 120,760 Vehicles Sold This Year)
      Kia - Down 14.2% (42,673 Vehicles Sold This Month, 78,299 Vehicles Sold This Year)
      Land Rover - Down 10.4% (5,747 Vehicles Sold This Month, 11,910 Vehicles Sold This Year)
      Lexus - Down 20.6% (18,338 Vehicles Sold This Month, 33.910 Vehicles Sold This Year)
      Lincoln - Up 8.8% (8,744 Vehicles Sold This Month, 17,529 Vehicles Sold This Year)
      Maserati - Up 49% (1,087 Vehicles Sold This Month, 26,942 Vehicles Sold This Year)
      Mazda - Up 5.9% (22,824 Vehicles Sold This Month, 44,522 Vehicles Sold This Year)
      Mercedes-Benz - Up 6.9% (24,522 Vehicles Sold This Month, 50,049 Vehicles Sold This Year)
      Mercedes-Benz Vans - Up 10.8% (2,513 Vehicles Sold This Month, 4,562 Vehicles Sold This Year)
      MINI - Down 24.1% (2,154 Vehicles Sold This Month, 5,264 Vehicles Sold This Year)
      Mitsubishi - Up 38.8% (10,924 Vehicles Sold This Month, 17,381 Vehicles Sold This Year)
      Nissan - Up 1.2% (122,003 Vehicles Sold This Month, 222,764 Vehicles Sold This Year)
      Porsche - Up 2.1% (3,637 Vehicles Sold This Month, 8,239 Vehicles Sold This Year)
      Ram Trucks - Up 4% (42,785 Vehicles Sold This Month, 80,830 Vehicles Sold This Year)
      Smart - Down 17.5% (348 Vehicles Sold This Month, 672 Vehicles Sold This Year)
      Subaru - Up 8.3% (45,500 Vehicles Sold This Month, 89,379 Vehicles Sold This Year)
      Toyota - Up 5.4% (156,001 Vehicles Sold This Month, 283,447 Vehicles Sold This Year)
      Volkswagen - Up 12.65% (25,145 Vehicles Sold This Month, 48,655 Vehicles Sold This Year)
      Volvo - Down 11.6% (4,651 Vehicles Sold This Month, 8,123 Vehicles Sold This Year)
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