TRENDING NOW:
Ah, the Motor Trend Power List. In case you need a refresher, it’s an annual standing list consisting of 50 of the most influential and most powerful movers and shakers in the entire automotive industry. According to this list, GM North America President Mark Reuss is the most influential and powerful mover and shaker within The General’s ranks, placing sixth on the board, jumping from number 18 last year. The second-highest ranking GM executive was CEO Dan Akerson, who snuck in at no. 27. The car guy prevails!
Buick Regal Coupe - Rendered by GM Authority (click to expand)
Almost a year ago, GM Authority was first to report that Opel is working on a coupe variant of the Insignia sedan. And less than a few days ago, Opel President Nick Reilly has revealed plans to introduce a new model based on the production version of the well-received Opel Gran Turismo concept first revealed at the 2007 Geneva Auto Show. Continue reading.
After almost seven months of jumping through hoops and dealing with German politics in efforts to secure €1.8 billion in loans for its Opel and Vauxhall brands, General Motors has announced that it will cease pursuing the funds.
Instead, GM will meet the funding requirements for the European brands internally, a feat that has become a lot easier given The General’s recent return to profitability and much-improved financial strength.
GM made the decision Wednesday after Angela Merkel’s (German) federal government voted against loan guarantees to Opel/Vauxhall, citing GM’s improved financial position in the first quarter of 2010. In other words, the German government is of the opinion that GM is doing well enough to support its children out of its own pocket. Continue reading.
General Motors has finally reached an agreement with Opel employees regarding a restructuring plan. A few “complex details” of the plan still have yet to be discussed, but according to German newspaper Frankfurter Rundschau, Opel workers accepted pay cuts in return for a stake in the company.
Details remained scant, but GM is still hoping to receive state aid from European (mainly German) governments. Germany’s Focus news outlet said that Chief Executive of Opel/Vauxhall Nick Reilly recently sent a letter to the Economy Minister of Germany reiterating the need for $1.6 billion in aid. The office confirmed that it has received the letter but provided no details about its content. We also know that GM applied for a €2.7 billion loan and – according to government officials – the request is being examined at this time.
General Motors abandoned plans to sell Opel last year, instead opting to keep the European division. Since then, GM has bounced back from bankruptcy, earning an $865 million profit for the first quarter of 2010.
In March, GM said that it would triple the funding for Opel’s turnaround to €1.9 billion. This larger amount comes in the form of equity and loans that remove the risk of too little liquidity. GM intends to cut thousands of jobs across Europe from the 48,000 workers that Opel and Vauxhall currently employ. Nearly half of these jobs are located in Germany, but final job cut amounts have not yet been announced.
[Source: Freep]
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