Archive for the ‘Opel’ Category

GM to restructure Europe unit without state aid

General Motors gave up on Wednesday on getting state aid from European governments for its loss-making Opel unit, saying it now had the financial firepower to finance a restructuring itself. "The validity and reasons for requesting government guarantees have ... not changed but the process has proven...

June 16th, 2010 | Opel | Read More

Blow for GM as Berlin rejects Opel aid request

Germany dealt General Motors a major blow on Wednesday as Berlin turned down a request for 1.1 billion euros (1.3 billion dollars) in loan guarantees for its loss-making Europe unit Opel/Vauxhall. Economy Minister Rainer Bruederle said he had rejected GM's application for help for Opel from a special...

June 9th, 2010 | Opel | Read More

GM to more than triple Opel investment

US automaker General Motors said Tuesday it would more than triple its contribution to a rescue of ailing European division Opel/Vauxhall, providing more than half the total after calls from European governments. Opel said in a statement that GM would invest 1.9 billion euros (2.6 billion dollars) "as...

March 2nd, 2010 | General Motors, Opel | Read More

Opel to launch inner-city electric car

Ailing carmaker Opel is considering launching an electric car for inner-city use to tap what it sees as a high-potential market, the firm's boss said in an interview Sunday. "We are thinking about a small electric vehicle," the chief of the General Motors unit, Nick Reilly, told Germany's Bild am Sonntag...

March 1st, 2010 | Green, Opel | Read More

Opel rescue plan falls short

The German government and parliament, which have been asked for money to help rescue Opel, said Wednesday that a plan to restructure the ailing car maker was insufficient. Opel has sought 1.5 billion euros (2.0 billion dollars) from Berlin, which awaits the results of a private audit before saying whether...

February 25th, 2010 | Opel | Read More

Opel unveils turnaround plan, 8,300 jobs slashed

Around 8,300 jobs will be slashed in Europe, Opel boss Nick Reilly said on Tuesday, as he unveiled a long-awaited plan for the future of the ailing General Motors unit and its 50,000 employees. The proposal to restructure Opel and British sister brand Vauxhall has now been officially submitted to German...

February 9th, 2010 | Opel | Read More

Opel unions issue strike warning over factory closure

Unions at General Motors unit Opel on Tuesday warned widespread strike action is a possibility as they refused to accept a planned Belgian plant closure at the troubled carmaker. "A strike is the last resort, but management has to realise that we will undertake all manner of (industrial) action -- and...

January 26th, 2010 | Opel | Read More

GM to close Belgian Opel plant, axe 2,600 jobs

General Motors Europe announced on Thursday it is to close an entire car production plant in Belgium, making 2,600 workers redundant and ramping up an already tense climate of social unrest. "Our intention today is to stop production in a matter of a few months," new chief executive Nick Reilly told...

January 21st, 2010 | Opel | Read More

Opel names Nick Reilly as new CEO

German automaker Opel said Friday that General Motors' Nick Reilly has been named new chief executive responsible for Opel and its sister brand Vauxhall as part of a broad restructuring. Opel's supervisory board named Reilly, already head of General Motors Europe, to the post, making him "responsible...

January 15th, 2010 | Opel | Read More

Job worries delay final Opel deal

The signing of a final deal by US auto giant General Motors to cede control of its loss-making European unit Opel looked set to be delayed on Thursday by disputes with unions over job cuts. A final contract was expected to be signed at a lawyers' office in Frankfurt mid-afternoon German time but sources...

October 15th, 2009 | Opel | Read More