A challenging year in 2018 left many of Europe's automakers struggling to put a brave face on falling margins amid worries about the high cost of complying with tougher emissions rules while also investing in electric cars and autonomous driving technology.
This was not the case at PSA Group, where CEO Carlos Tavares announced record sales and profits, including an operating margin of 8.4 percent for the Peugeot, Citroen and DS brands -- and a 4.7 percent margin for Opel/Vauxhall just 18 months after buying General Motors' money-losing European operations.
Analysts were quick to give Tavares credit for the results.
"The transformation of PSA under Tavares has been extraordinary," Max Warburton of Bernstein wrote in a note to investors in June. Tavares successfully applied his proven approach on cost, capital discipline, distribution and pricing to Opel/Vauxhall, Warburton wrote.
Arndt Ellinghorst of Evercore ISI said Tavares and his team are on track to do what few would have thought possible in turning around Opel/Vauxhall. "PSA, under CEO Tavares' leadership, shows how to get the job done," Ellinghorst said in a note to investors.
The praise for Tavares grew last month after PSA said that recurring operating income rose 11 percent to 3.34 billion euros, lifting its operating margin to a new record of 8.7 percent in the first half. Ellinghorst called it "a hugely impressive result."