PSA may move production of electric vehicle components back in-house

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FRANKFURT (Reuters) – French carmaker PSA (PEUP.PA) is considering moving the production of electric vehicle components back to within the company, a PSA director told Reuters on Tuesday.

“We are having some thoughts regarding ‘make or buy’ concerning the electric chain of motors, we will move the components part back to within the company, but not the battery chemicals part,” said PSA executive Patrice Lucas at the Frankfurt car show.

He added PSA would present a restructuring plan for its Opel brand in November, and that it aimed to finalize a car financing deal with bank BNP Paribas (BNPP.PA) by the end of the fourth quarter.

Earlier this year, BNP Paribas announced the acquisition of Opel/Vauxhall’s financing arm for 900 million euros ($1.1 billion) with PSA.

The acquisition was announced alongside PSA’s agreement to buy Opel from General Motors (GM.N) in a deal valuing the brand at 2.2 billion euros.

Reporting by Gilles Guillaume; Writing by Sudip Kar-Gupta; Editing by Mark Potter

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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