General Motors' troubled Opel division has announced that it wants to overtake Ford and become Europe's second-largest automaker.
To achieve that ambitious goal, CEO Thomas Sedran explained that Opel will invest billions of euros in the development of new products and new technologies. Â Opel has nearly wrapped up one of its largest product offensive in recent memory which consists of the Chevrolet-based Mokka SUV, the stylish ADAM hatchback and the new Cascada convertible, models that are slowly moving the brand up a notch on the market. Â Opel is also counting the Volt-based Ampera to give it an edge on Europe's highly-unexploited plug-in hybrid market.
In spite of the new products, overtaking Ford will be easier said than done because years of jaw-dropping financial losses have taken a heavy toll on GM's German division. Â In September of 2012, Opel sold 15.6 percent less cars than in September of 2011. Â As it stands, the automaker holds a 7.5 percent share of the European market, trailing Ford by 0.7 percent. Â Volkswagen has the top spot with 11.9 percent of the European market.
The company's losses have led many to speculate that the brand will be merged with PSA Peugeot-Citroën, sold or simply shuttered.  The forecast is far from bright but Sedran remains optimistic that making a full recovery and overtaking Ford is not out of reach.
"With hard work we will again achieve success," he said in an interview with Germany's Auto Bild.
