September 10, 2019 / 10:17 AM / 9 days ago

Opel CEO says Brexit is delaying investments in British plants

FILE PHOTO: Michael Lohscheller, Chief Executive Officer of Opel Automobile GmbH attends the presentation of the new Opel Corsa-e electric car in Ruesselsheim, Germany, June 4, 2019. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Peugeot SA (PEUP.PA) will not invest in Vauxhall and Opel’s British plants in Ellesmere Port and Luton while the outcome of Britain’s exit from the European union remains unclear, Opel Chief Executive Michael Lohscheller said on Tuesday.

“We cannot make investment decisions without knowing what will happen,” Lohscheller said.

“Brexit could disrupt supply chains in Europe as well as Britain. There are jobs and investments at stake. Everybody needs to be aware of the responsibility,” Lohscheller said, adding that he wants Opel and Vauxhall to reach parent company Peugeot’s level of profitability in the medium term.

Opel is getting close to reaching a 6% profit margin this year, a spokesman said.

Reporting by Edward Taylor; Editing by Tassilo Hummel

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