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GM Europe sees losses increase fourfold

02/26/2009, 12:26 PM

By Drew Johnson

General Motors’ North American operations posted a $9.6 billion fourth quarter loss earlier today, and it doesn’t appear as though the fourth quarter went any smoother for the automaker’s European division. GM Europe reported an adjusted loss of $956 million in the fourth quarter of 2008 – more than a fourfold increase over 2007’s losses.

For the year, GM Europe posted an adjusted pretax loss of $1.6 billion, compared to a $55 million loss in 2007. That loss increases when asset and special charges are including, tallying $2.8 billion in the red, according to Automotive News.

Slower sales and a consumer shift away from premium models also took a toll on GM Europe’s year-end revenues, with final figures checking in at $34.4 billion – down just over $3 billion from 2007.

As bad as 2008’s results were for GM Europe, things could get even worse by the end of 2009. Rumors have been swirling about GM trying to unload its German Opel brand, with Saab’s future apparently limited to just days, or possibly even hours. Since GM Daewoo actually takes credit for Chevrolet’s European sales, GM’s European revenue could be next to nothing by this time next year.

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02/26, 12:32 PM

posted by:

SomeJerk

What car is that in the photo? It looks good at that angle.

02/26, 12:36 PM

posted by:

CADDY-V

It’ an OPEL don’t know the name , but a very nice car.
They should be selling that sh*t in the U.S.
People have been talking about that for years and I agree.

02/26, 12:39 PM

posted by:

Borat

“They” are trying to sell this Sh*t in US under Saturn badge. Does not sell.

02/26, 12:44 PM

posted by:

CADDY-V

I’ve never seen a Saturn that looks like the one pictured here.

02/26, 12:49 PM

posted by:

bieltp

It’s a OPEL INSIGNIA, car of the year 2009 in Europe

02/26, 12:52 PM

posted by:

ricky_b

That car is called the Opel Insignia and it comes in sedan, hatch and wagon. It’s the first product on GM’s new Epsilon 2 platform. This car line replaces two of GM’s older products in Europe, the Vectra and the Signum. (The Vectra is the platform mate to the Saturn Aura and Chevy Malibu.)

With some exterior changes, the Insignia will be the basis for the new Buick LaCrosse (sedan only) in the US. It was supposed to also be the basis for a future Aura/Malibu and Saab 9-5 but those are all now being delayed until GM figures things out.

02/26, 12:59 PM

posted by:

Borat

ricky-b shed great deal of light on my answer.

02/26, 1:11 PM

posted by:

johnnycanuck

Thanks ricky_b. Ok I’m going to break out into the old fossil routine again but do you remember the good old days when just about every D3 model could be had in sedan, coupe and wagon variations? Now all we seem to get is any flavor we want as long as it’s vanilla (sedan). I mean what was the last domestic offering where we had the choice? I’m thinking the last generation Focus but other than that… it’s been a while.

02/26, 1:31 PM

posted by:

Borat

Johnny, you forgot K-car (Chrysler) and X-car GM.

02/26, 1:46 PM

posted by:

oldraven

Let’s be honest, Borat. ricky_b corrected your answer. North America hasn’t had a single one of these on the lot yet.

Johnny, there is a car like that. The least likely one. The Pontiac G6. Comes in Coupe, Sedan, and Convertible. And oddly enough it’s all on its own as an Epsilon vert./coupe. I agree with you, though. There should be more of this going on. I honestly think GM would have sold more Monte Carlos if they were Impala Coupes. That’s essentially what they were, after all, and it worked well for the last Grand Prix available in two or four doors.

We do need more choices. Body styles, transmissions, engines, final drive ratios, etc. An order form back in the 60’s had a full page options list, in small print. You could even pick optional brakes or carbs. Now we get one motor, a sedan, and one transmission. The options available today have nothing to do with the personality of the car. That’s why new cars have no personality. There’s something wrong with the world when you can get an air conditioned driver’s seat but you can’t get a clutch.

02/26, 2:35 PM

posted by:

bigs4610

its because everyone wants the quickest cheapest fastest way to make a buck.
this spills over into the attitudes of people and the decisions they make,

tying to make quick cheap money, and now they want quick cheap disposable cars.

The nation has turned into a disposable attitude

we all need a reality check.
Look back to when the work force of this nation was building this country. They worked hard for their money and they were proud of it. Building bridges and buildings that LASTED.
Things that were not disposable.

What I’m trying to say is that its not the automakers fault, its not any given area’s faut.
It’s societys fault were in the situation were in today.

02/26, 2:35 PM

posted by:

bigs4610

does that make sense?
I have so many thoughts in my head its hard to get them all out at once

02/26, 3:03 PM

posted by:

johnnycanuck

Makes perfect sense, and oldraven to. Let’s just say if you found a salvageable car from the 60’s or early 70’s- almost anything really- in a barn somewhere you might be tempted to restore it even if it had just a slightly unusual combination of options and trim because very few cars were exactly alike. So fast forward 40 years from now and you happen across a 2009 Malibu. I’d say the odds of anyone even clearing off the owl droppings to have a closer look would be slim and none.

02/26, 3:13 PM

posted by:

Borat

oldraven, Aura is derived from Vectra, which was predecessor to Insignia. I recall plans for Saturn (Opel in US) continuation (before decapitation plans) to “convert” Insignia to our (US) taste. New world sheet metal, for old world car. I believe it is all theoretical as survival of GM and continuity of Saturn, but the point I made is that GM tried to sell European cars in US and failed at it as well.

02/26, 3:29 PM

posted by:

oldraven

Borat, we never got that car. End of story. You said they’ve been trying to dump that **** on us for years, which is 100% false. Saying we got the predecessor as the same thing, an entirely different car, is like saying the LaCrosse is the same car as the Century, because one replaced the other in the lineup. We never got the Insignia in any way shape or form. Or would you say that because I drive a 2005 Malibu (I do not, just an example) that GM sold me a 2008 Saab 9-3, since they share a platform?

02/26, 4:23 PM

posted by:

Borat

Caddy asked why GM does not sell this sh*t to us – I just paraphrased him. However, I do believe that GM was not successful to sell European platforms to US market. And yes, they did not sell Saab to you, but let’s be honest, current Malibu (and Saab) derived from Opel has not set world on fire either. And if you look at Astra – direct copy and a great car, complete flop. Yes we DON’T have Insignia in US, but I am sure there are plans to bring it here, once another 80 billions are digested.

 
 
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