GM has announced a massive investment program for its ailing European subsidiary Opel over the next four years, worth €4 billion ($5.23 billion). The GM Board of Directors announced the decision today at a meeting in Rüsselsheim, Germany, the home of Opel.
A large part of the announced investments will go into new Opel/Vauxhall models, as GM’s European arm wants to introduce 23 new models including the upcoming Cascada cabriolet and 13 new powertrains through 2016.
“As a global automotive company GM needs a strong presence in Europe – in terms of design and development as well as manufacturing and sales,” said Dan Akerson, Chairman and CEO of GM, at a press briefing at Adam Opel Haus. “Opel is a key to our success and enjoys its parent company’s full support,” the executive added.
GM’s Board met in Germany to get first-hand information on the progress on its 10-year strategy “DRIVE!2022” and recent developments of the troubled European market. Opel’s CEO, Dr. Karl-Thomas Neumann, emphasized the importance of the GM Board meeting in Rüsselsheim.
“This Board has once again made very clear that our 10-year plan DRIVE!2022, that foresees our return to profitability by the middle of the decade, has our parent company’s complete support,” Neumann said.
Following the press briefing Dan Akerson revealed a piece of the Berlin Wall that belongs to Opel and will be placed in front of the Adam Opel Haus on Friedrich-Lutzmann-Ring. “The symbol should remind everyone that we overcome any walls in our heads and those between different cultures and that we are now starting a new chapter in the history of Opel,” Opel CEO Neumann said.
By Dan Mihalascu
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