General Motors may sell its Saab and Opel stake

Posted: Feb 19, 2009
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General Motors may sell its stake in Opel and could also abandon Swedish brand Saab in efforts to cut costs and increase cash to avoid bankruptcy. GM’s European division issued a statement Wednesday saying that they are working to reduce costs without having to close any plants. The group said that it is looking for $1.2 billion in labor cost savings.

GM Europe President Carl-Peter Forster said that executives are also considering third-party alliances and equity stakes.

In its long-term viability plan submitted to the U.S. Treasury on Tuesday, GM said that it will cut 47,000 jobs worldwide, 26,000 of those will be from foreign operations. In the latest figures, GM said that its European division lost $1 billion in the third quarter.

In other news, Automotive News Europe reports that GM has no plans to shut its Opel factories in Germany. It said that it expects Saab and Opel to post profit in 2011.

Source: Detroit News


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  • Neil

    If wagoner had a plane any more he shoul djump on it fly to India and sell Saab to Tata, the swedish government wil pay for it!
    but Opel and Caddy make the best cars in the whole of GM – Getting rid of the company that makes great small cars. Either the Agila or Corsa should be the base for small Chevy's not the Daweo/Aveo. The Tigra (based on the Corsa platform would compete head on against Scion tC and bring a new generation of buyers in to the GM family – and it has a folding roof!!!!

    and the new Insignia should become the Cruze and the base for the volt not some seperate power train that cost twicce as much to develop

    I know expecting intelligent decisions from GM is a lot but come on

  • Chris

    My god.. GM is one big mess, and Rick Wagoner is to blame. It's like a huge clearance sale and the buyers will pay pennies on the dollar, and the buyers will all come from the east, China and India. What a sad time for the domestic auto industry.

  • Neil

    they have only themselves to blame!

  • Ivan Gutierrez

    Even though I like Saab, they are probably much better off as far away from GM as possible. I hate to see Opel go though, I've always liked their cars, and the new insignia is the best looking midsize car I've ever seen, inside and out.

  • Neil

    But a Chevy badge on the front of the insignia(or pontiac) put a hybrid engine in it and get 30+ mileage and kick the ass of the Prius/Accord and Camry

  • Pat

    wow neil…good call…maybe u should write GM a letter

  • Neil

    If wagoner had a plane any more he shoul djump on it fly to India and sell Saab to Tata, the swedish government wil pay for it!
    but Opel and Caddy make the best cars in the whole of GM – Getting rid of the company that makes great small cars. Either the Agila or Corsa should be the base for small Chevy's not the Daweo/Aveo. The Tigra (based on the Corsa platform would compete head on against Scion tC and bring a new generation of buyers in to the GM family – and it has a folding roof!!!!

    and the new Insignia should become the Cruze and the base for the volt not some seperate power train that cost twicce as much to develop

    I know expecting intelligent decisions from GM is a lot but come on

  • Chris

    My god.. GM is one big mess, and Rick Wagoner is to blame. It's like a huge clearance sale and the buyers will pay pennies on the dollar, and the buyers will all come from the east, China and India. What a sad time for the domestic auto industry.

  • Neil

    they have only themselves to blame!

  • Ivan Gutierrez

    Even though I like Saab, they are probably much better off as far away from GM as possible. I hate to see Opel go though, I've always liked their cars, and the new insignia is the best looking midsize car I've ever seen, inside and out.

  • Neil

    But a Chevy badge on the front of the insignia(or pontiac) put a hybrid engine in it and get 30+ mileage and kick the ass of the Prius/Accord and Camry

  • Pat

    wow neil…good call…maybe u should write GM a letter