A grim situation for global automakers selling cars in Europe is growing worse.
Now the two biggest Detroit-based automakers are undertaking drastic cost-cutting measures to stem massive losses. General Motors Co. is joining forces with PSA/Peugeot-Citroen to split the cost of developing new models for GM's Opel and Vauxhall brands on the continent. Ford Motor Co. is shutting its under-utilized Belgian assembly plant in Genk. Ford will juggle production among its plant in Valencia, Spain and Sarlouis, Germany.
GM's move comes as financially ailing Peugeot has secured a rescue from the French government.
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