March 6, 2017 / 8:19 AM / 10 months ago

PSA CEO: Vauxhall plants an opportunity if there is hard Brexit

FRANKFURT (Reuters) - PSA Group’s (PEUP.PA) Chief Executive Carlos Tavares said Vauxhall’s factories are an asset for the French carmaker if Britain exits the European common market in a so-called “Hard Brexit” scenario.

Tavares told analysts and investors on Monday that a proposed combination of PSA Group with the European operations of General Motors, presents an opportunity.

    “Opel Vauxhall was prevented until now to sell overseas. There is an export potential opportunity for us. There is also the Brexit and the risk and the opportunity to have inside of the U.K. some manufacturing plants in case we have a hard Brexit. All of this represents opportunities that we want to tackle,” Tavares said.

    Automakers fear that a complete departure from the European common market could result in the imposition of tariffs for exporting and importing vehicles into Great Britain. Having a car plant in Britain would help Peugeot overcome such tariffs.

    Vauxhall has a plant in Ellesmere Port and in Luton.

    Reporting by Edward Taylor; Editing by Harro ten Wolde

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