GM to Invest €4 Billion in Ailing Opel Division
Although Opel lost no less than €1.38 billion ($1.8 billion) last year and another €545.5 million ($700 million) in 2011, General Motors still believes that the Russelsheim-based manufacturer could become profitable under a new business plan.
"This Board has once again made very clear that our 10-year plan DRIVE!2022, that foresees our return to profitability by the middle of the decade, has our parent company's complete support,” said Dr. Karl-Thomas Neumann, CEO of Adam Opel AG.
In addition, Opel has revealed plans to introduce 23 new models and 13 new powertrains by 2016. “As a global automotive company GM needs a strong presence in Europe – in terms of design and development as well as manufacturing and sales,” said Dan Akerson, Chairman and CEO of GM.