GM sells European brands to France's Peugeot

[Midpack]

I don't follow automakers closely, but didn't see that coming, evidently I should have.

PARIS - General Motors (GM) is selling its unprofitable European car business to the French maker of Peugeot, marking the American company’s retreat from a major market and raising concerns of job cuts in the region.

With the 2.2 billion euro ($2.33 billion) deal announced Monday, GM is giving up brands - Opel in Germany and Vauxhall in Britain - that have given it a foothold in the world’s third-largest auto market since the 1920s. They have not, however, made a combined profit in 18 years despite multiple turnaround efforts.

GM sells European brands to France's Peugeot - CBS News