Vauxhall/Opel was flogged to Peugeot I think. But I'm probably wrong again.
Nope. You are absolutely correct. Apparently PSA turned it from loss maker under GM to a profit of $587 million US within 12 months.
That probably just speaks volumes for the GM management ability. Don't forget they also went bust and required some pretty big loans from the US government a few years ago. To give them credit they did pay it back ahead of time.
It says nothing at all about the management. It is all down to the pension funds.
The GM Europe operations were deeply in the red because of the pension liabilities to current and former workers.
GM sold their European operations to PSA for a few billions. At the same time, GM gave PSA a rather larger sum of money for PSA to take over the pensions liability for the current workforce. GM retained liability for the pensions being paid to existing retirees and undertook to inject an additional $400 Million US every year for the next ten years into the pension fund for existing workers.
In essence, PSA were paid around US$1B to take Opel/Vauxhall off GM's hands and were relieved of the duty to fund a US$400M/yr pension liability.
It is not hard to see how PSA would turn O/V into a profitable business on that basis.