GM to sell Opel, Vauxhall brands

DETROIT - General Motors is saying goodbye to its Opel and Vauxhall brands and ending its presence as a major automotive manufacturer in Europe after nearly 90 years there.

GM said Monday it has reached a deal to sell its European operations to French automaker PSA Groupe for $2.2 billion, a decision that shakes up the automotive landscape in Europe and could lead to additional consolidation in the global automotive industry.

The deal instantly vaults PSA into second place in Europe with 17 percent market share, second only to Volkswagen AG.

Selling Opel and Vauxhall frees GM from a division that has bled money for 16 consecutive years, allowing the Detroit automaker to spend more time and money on the development of self-driving cars and on developing cars and trucks in North America and China, where it is earning most of its profits.