Archive for 'Opel'
Bob Lutz to become chairman of Opel board as Forster leaves
A source close to General Motors said that Bob Lutz, the company’s marketing head, will become chairman of the supervisory board of Opel to help the restructuring plan. Lutz, 77, will not take a direct management role in Opel the source said. He is already a member of the Opel supervisory board, which meets three [...]
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Carl-Peter Forster to step down as head of GM Europe
According to a report by Spiegel Online, the head of General Motors’ European business, Carl-Peter Forster, is leaving the company after GM’s board of directors decided to keep Opel last week. A former BMW executive, Forster had strained ties with GM after being in favor of the Magna deal.
Forster was expected to head Opel under [...]
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Treasury: Obama administration not involved with GM’s decision to keep Opel
U.S. Treasury spokeswoman Meg Reilly said yesterday that the Obama administration did not get involved with General Motors’ decision to keep and restructure the Opel brand.
“The administration was not involved with this decision, which was made by GM’s Board of Directors,” Reilly said.
GM announced yesterday that it has decided to keep Opel and expects the restructuring [...]
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BREAKING: GM board of directors decide to keep Opel
General Motors’ board of directors said today that it will keep Opel and restructure it, putting an end to plans to sell the brand to Magna International. GM said that it expects the restructuring of Opel to cost 3 billion euros ($4.42 billion USD), which it says lowers the costs associated with outside bids for [...]
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Report: Germany to reconsider Opel sale, may let it stay with GM
According to a report by Frankfurter Allgemeine Zeitung, Germany’s new government will take a new look at the sale of General Motors’ Opel unit to Magna International and may consider an arrangement where the brand remains with GM.
“The new government will take another look at decisions made up to now on Opel and imminent conditions [...]
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The European Union is in the process of reviewing the Opel situation and the process by which Magna and Sberbank got involved, according to John Smith, GM Group Vice President, Corporate Planning and Alliances.
“Such a review is usual and customary when extensive government financial support is involved.” says Smith. “Last week, the Directorate-General for [...]
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Brussels: GM should be allowed to reconsider Opel sale
Neelie Kroes, the head of EU competition, told Germany on Friday that General Motors should be allowed to reconsider the sale of its Opel brand to Magna International and its Russian partner Serbank. Kroes said that there were “significant indications” that aid promised by the government to the New Opel was subject to pre-condition that a [...]
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Report: 2011 Buick Regal GS will offer 280-hp and Brembo brakes
Earlier this week when General Motors made it official that the Opel Insignia will be coming to the United States badged as the Buick Regal, we were only thinking about one thing and one thing only – will Buick offer a high-performance version like the Opel Insignia OPC?
According to the folks over at GMInsideNews, GM [...]
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According to sources close to the negotiations, General Motors Company will sign a deal on Thursday to sell a majority stake in Opel to Magna International. It was confirmed about a month ago that under a new deal, Magna and Sberbank will own a 55 percent stake in Opel, while GM will hold a 35 [...]
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Porsche threatens to cancel Magna contract to build next-generation Boxster and Cayman
Porsche has threatened to pull its existing contract with Magna to build the next-generation Boxster and Cayman in Austria starting in 2013. The Stuttgart automaker said that it may instead move production to Karmann in Germany. The move comes as Porsche aims to guard its engineering and production cost secrets for its upcoming roadster and [...]
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