General Motors sold off its European brands two years ago, ending a 90-year legacy, but also roughly two decades of losses.
In 2017, GM finally shut the door on the continent after roughly 20 years of losses. and sold its struggling Opel and Vauxhall brands. The move was part of a larger strategy to focus GM's attention on its profitable business selling trucks and sport utilities in the United States, and
"American cars just have never really sold very well there." said CFRA analyst Garrett Nelson. The European market is a fragmented one made up of several countries, and it is dominated by European brands, such as the three major German manufacturers BMW, Mercedes-Benz, and Volkswagen. So the automaker sold the business to PSA Group, the French automaker that owns the Peugeot and Citroen brands.
It was also costly. GM spent more than $6 billion ridding itself of the business, causing the company to take a $3.9 billion loss in 2017.
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