GM CEO Dan Akerson told 5,000 Opel/Vauxhall employees that it won't sell the European brands.
GM has reaffirmed that it has no intention of selling its European Opel and Vauxhall brands. This time around, however, it came from CEO Dan Akerson during a speech to nearly 5,000 employees at Opel/Vauxhall's headquarters in Russelsheim, Germany.
"Our protracted losses have prompted some analysts to argue that we should sell Opel or simply close up shop and leave car sales in the region to others," he said. "I'm not about to do that."
The Opel and Vauxhall brand is expected to post an operating loss of between $1.5 and $1.8 billion for the 2012 fiscal year, though this will depend on the amount of restructuring GM does in the fourth quarter. Last year, GM posted a $747 million loss, Automotive News reported. Still, the company is hopeful, aiming to break even in Europe by 2015.
As proof to GM's commitment, Akerson said there are 23 new and replacement models planned for Opel and Vauxhall by 2016.
"As a global auto company, GM needs a strong design, engineering, manufacturing and sales presence in Europe," Akerson continued. "There's room for Chevrolet in Europe but Opel fulfills that role."
Akerson also mentioned the proposed partnership with France's PSA Peugeot Citroen, despite an earlier report that talks have stalled due to political and financial issues on PSA's side.