Electric Corsa heads up Vauxhall's push for profits

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Lohscheller said the profitability plan will not see any forced redundancies or closures at plants in Europe, including the Ellesmere Port factory, in Cheshire. "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".

It is targeting a recurring operating margin of two per cent by 2020, increasing to six per cent by 2024.

Vauxhall is launching an electric version of its Corsa hatchback as part of the company's drive to return to profit by 2020. "The implementation has already started with all teams eager to achieve the objectives".

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"This plan is not a gimmick plan", Tavares said, adding that the engineering and design capabilities acquired with Opel/Vauxhall would help PSA Group as a whole achieve the ambitious goal of sharply cutting its vehicles carbon emissions as required under national and global rules. First areas of expertise are identified, eg. fuel cells, certain automated driving technologies and driver assistance developments.

European automakers Opel and Vauxhall said Thursday they want to hold onto all of their current manufacturing sites and avoid forced layoffs as part of a turnaround plan under French owner PSA Group.

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.

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These include urban traffic guidance systems, available electric charging stations or vacant parking spaces. VW claims that will be important to autonomous driving, a technology both it and Google are developing.

The plans 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".

The French PSA Group has unveiled its strategy to make the newly acquired Vauxhall and Opel business a success after buying the auto brands for €2.2 billion earlier this year. Next to come are the Combo in 2018 and the next generation of the bestselling Corsa in 2019.

In terms of expansion, Opel plans to enter more than 20 new export markets by 2022, including the likes of Argentina and Taiwan.

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The Vauxhall/Opel PACE! recovery plan includes strong targets for commercial vehicle growth that could be good news for the Vauxhall van plant in Luton.

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