European automakers Opel and Vauxhall say there'll be no forced layoffs and all of their current plants will be maintained as they look to a new future under French owner PSA Group.

Opel, based in Germany, and Britain's Vauxhall were sold by General Motors to PSA earlier this year.

In a statement Thursday, the automakers said they aim to return to profitability by 2020 and electrify all of their passenger car lines by 2024. The European Commission proposed Wednesday that 30 percent of new vehicles on the continent should be electric-powered by 2030.

In order to avoid involuntary layoffs among their 38,000-strong workforce, the companies said necessary labor cost cuts will be achieved through flexible working time arrangements, buyouts and early retirement schemes.