Making financial sense of the PSA plan to buy General Motors Europe (GME) is not easy according to city analysts. 

GME lost money from 1999 to 2016. The company estimated that it would have crept into the black last year, but the Brexit vote and the fall in the value of the UK Pound clobbered the bottom line.

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Analysts at Evercore ISI say that there are good reasons why General Motors might want to sell - or even effectively give away - its European arm over and above recent losses, which ISI estimates at £1.3bn over the last three years alone.

GME is estimated to be using around just 72 percent of its factory capacity, which is another money-loser in a market that offers super-tight margins for mass-market brands.