Tag Archives: adam opel

GM to Announce Sale of Opel/Vauxhall this Monday with Investors’ Call and a Press Conference

Posted on 4 March 2017 by Ken Zino

If the deal goes through, it would mean GM’s presence in Europe would be limited to niche sales of Cadillac, and Chevrolet Camaro and Corvette models – all of them exports. PSA is the third largest automaker in Europe behind Renault. Volkswagen Group leads in Europe PSA Group’s sales were 1,930,000 vehicles and increased by 3.6% in 2016. In 2016, global sales increased by 5.8%, to 3,146,000 units. Continue reading →

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General Motors to Invest €4 Billion in Loss-Making Opel

Posted on 10 April 2013 by Ken Zino

GM has lost more than $18 billion in Europe since 1999, including $1.8 billion in 2012. GM also wrote down more than $5 billion in assets in the Eurozone, and it wrote off more than half the value of its PSA Citroën stock (-$220 million) acquired latest year in what GM said at the time was a collaboration that would, eventually, save billions. Nothing was really new in today’s speeches. Continue reading →

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GM Earns $4.9 Billion in 2012 down from $7.6 Billion in 2011

Posted on 14 February 2013 by Ken Zino

General Motors Co. (NYSE: GM) today announced 2012 calendar-year earnings of $4.9 billion, or $2.92 per fully diluted share, down from $7.6 billion, or $4.58 in 2011. The company sold 9.3 million vehicles during the year and the earnings, while positive for the third straight year, were hurt by deepening losses in Europe, which has cost GM -$18 billion since 1999. GM wrote down more than $5 billion in assets in the Eurozone, and it also wrote off more than half the value of its PSA Citroen stock (-$220 million) acquired latest year in what GM said was a collaboration that would, eventually, save billions. North American costs also increased, resulting in flat earnings for GM’s most profitable market. GM did however pick up 4 points of market share in China, the world’s largest auto market. Continue reading →

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Karl-Thomas Neumann formerly of VW Now GM Europe Head

Posted on 31 January 2013 by Ken Zino

The Opel Supervisory Board today named Karl-Thomas Neumann, 51, chairman of the Management Board of Adam Opel AG, effective March 2013. General Motors also appointed Neumann president of its loss making GM Europe subsidiary and a GM vice president. Neumann will be in charge of a plan to return Europe to breakeven by 2015. Continue reading →

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