According to Magna’s co-chief executive Siegfried Wolf, Magna International plans to cut as many as 10,500 jobs at Opel in Europe, with nearly half of those coming from Germany.

Speaking to reporters at a press conference earlier today, Wolf said that the cuts were a part of the Canadian company’ plans for Opel.

GM announced last week that it will a 55 percent stake in Opel to Magna, while keeping 35 percent to itself and giving employees a 10 percent stake.

- By: Omar Rana

Source: Detroit News