General Motors fires at Volkswagen for fanning speculation about Opel sale

Martin Winterkorn

Opel is a 139-year-old German company that has been making cars for more than a century. GM has owned Opel since 1929. However, since 1999, GM has has lost $14.5 billon in Europe, most of it due to Opel. Nonetheless, when someone talks bad about family, it’s not that pleasing.

GM said that Volkswagen AG Executive Chairman Martin Winterkorn in stoking speculation that GM’s German-based Opel unit is for sale and could be sold to a Chinese company.

Winterkorn was quoted in Frankfurter Allgemeine Zeitung saying if Opel were for sale, a Chinese automaker would be more likely than Hyundai to buy it. GM replied on its website that Winterkorn’s comment “continues a regrettable pattern of fanning speculation” that Opel is up for sale.

Carsten Krebs, a Volkswagen spokesman, confirmed Winterkorn comments

“He only speculated,” Krebs said. “The journalist asked him a question, and he speculated. If you read it properly, he doesn’t think GM is selling Opel.”

– By: Omar Rana

Source: Detroit News