Automotive Industries

Automotive Industries

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Issue: Feb 2012

GM Europe Set to Announce "Horrendous" Q4 Losses, Major Restructuring Expected

Opel/Vauxhall must brace itself for some radical surgery as the unit's US owner will not carry it any more.

by IHS Global Insight

General Motors' (GM's) European unit is preparing to announce what are being described as "horrendous" fourth-quarter losses according to an unnamed GM executive, whose comments were reported by the Wall Street Journal. 

The predicted fourth-quarter results indicate that the unit may have actually slumped to a full-year loss following a USD292-million loss in the third quarter. This was during the year that Opel/Vauxhall was supposed to break even after its last round of restructuring. 

A new management regime has recently been appointed to Opel/Vauxhall with Karl-Friedrich Stracke promoted as overall executive CEO of Opel/Vauxhall while GM vice-chairman Steve Girsky has been appointed as the chairman of the supervisory board. Stracke must come up with a plan to return Opel/Vauxhall to profitability as every impression is that the company's US head office is running...

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