Vauxhall has announced its plan to become profitable again while lowering its overall CO2 emissions by 2020 is on course to succeed.

The firm – which was bought by PSA from General Motors for 2.2bn Euros – announced its Pace plan to bring the brand back into the black a year ago.

Until this year, Vauxhall had not turned a profit since 1999 and represented GM’s final foray into the European market.

“We have managed to reorganise ourselves in the last twelve months and changed our mind set. We posted a profit of €502 million in the first six months of 2018 and we are continuing to work hard on our success,” said Vauxhall/Opel CEO Michael Lohscheller.

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According to Vauxhall, its fixed costs have been reduced by 38% in the last year, while its senior management team has also been streamlined, while the firm is claiming its integration within the PSA family is paying dividends – it suggested vehicles based on a common platform cost half as much to develop compared with others using other platforms.

In order to meet European fleet CO2 targets, Vauxhall said it intends to launch four electrified vehicles by 2020, while there will be eight new models launched in the next two years and there will be an electric version of every model by 2024, the brand added.

And despite sharing many common components with Peugeot and Citroen vehicles Lohscheller claimed Vauxhall will stay true to its roots. “Vauxhall will stay British, Opel will stay German. We will continue to clearly differentiate ourselves from our French sister brands,” he concluded.