Ford may be General Motors’ biggest rival here in the United States, but Ford of Europe says it fully supports GM Europe’s plea for European funding to keep its Opel/Vauxhall brands up and running. GM Europe is seeking 3.3 billion euros from various European governments.
Of that 3.3 billion, GM Europe is seeking 2.6 billion euros from Germany, the home country of Opel. Although the government funding would seem like an advantage for GM Europe during these tough times, Ford of Europe says it has “no objections” to the appeal, according to Automotive News.
GM Chief Operating Officer Fritz Henderson has warned that GM Europe could run out of cash by the second quarter if European governments don’t offer some kind of financial aid.
Although Ford is supportive of a GM Europe bailout, not all automakers share the same view. In an interview with Germany’s Der Spiegel, Volkswagen CEO Martin Winterkorn said “the state should stay away” from automotive bailouts.
The idea of auto bailouts is much more controversial in Europe than it is in the U.S., with many officials viewing the move as protectionism.
