#Opel
GM's German Patient: No More Mr. Nice Guy
Last year, GM’s German patient, Opel, hemorrhaged $1.6 billion. It could easily have been twice than that, if Nick Reilly had fired the more than 8,000 workers that are on Opel’s endangered species list. Letting people go can get very expensive in Europe if you are a going concern. The only factory that was closed was Antwerp, to the tune of $532 million. That came to a little bit over $200,000 per worker. Reilly didn’t want to rain on the IPO roadshow, and moved the mass firings to this year. GM’s thank you: Reilly was fired.
Opel To Build New Convertible. In Poland
Chevy To Europe, Opel To China
GM is pushing its Chevrolet brand as a ”world brand,” reports the Freep. First battlefields for global bowtiefication: Europe and Korea. In Korea, the matter is easy: Last month, they took off the Daewoo badge and put a bowtie on instead. As predicted by TTAC nearly a year ago. There is not much that can go wrong in Korea: Hyundai dominates the market, Dawoo’s and now Chevrolet’s market share treads water in the single digits.
In Europe, any substantial market penetration by Chevrolet is “still a long-term goal,” concedes the Freep. And then, the Detroit paper proceeds to publish completely bogus numbers:
Silent Running: Opel Pushes Ampera As Cop Car
It’s not out yet, and it won’t be before the end of the year, but Opel is already flogging the Euro-version of the Volt, the Ampera, as the perfect cop car. Main selling point: It’s a veritable multi mission vehicle. “Whether emission free on patrol, or silent during undercover surveillance, or fast and persistent when in hot pursuit – the Opel Ampera is the ideal police cruiser,” brags Opel, which appears to humor AutoBild.
Opel GTs Take Shortcut From Project Car Purgatory To Junkyard
The life cycle of your typical Opel GT appears to have gone like this: 8 years on the street, 30 years up on blocks in the back yard, then a quick stop in the wrecking yard before getting crushed. I haven’t seen a GT on the street for years, but they’re quite common in The Crusher’s waiting room. Here’s a pair of GTs I spotted at a Denver self-service yard.
Wikileaks Memo On German Reaction To GM's Decision To Keep Opel
The following is a “Confidential” memo from the US embassy in Berlin, leaked in the latest Wikileaks dump, describing German reaction to GM’s flip-flop decision to not sell its German subsidiary, Opel. The memo reveals that Germany saw GM as a “unreliable partner” and that at least one German government official believed that “if the U.S. Government had GM under better control, this would not have happened.” The document also confirms that GM scuttled the deal largely over concerns about Russian access to its intellectual property, and that Opel may well have been happy to see the deal fall apart rather than face losing its entire BMW supply business. Though none of this information is completely new, the leaked document provides a fascinating insight into the muddled mess that was the Opel rescue.
BERLIN 00001395 001.2 OF 002
Classified By: ECONMIN Robert A. Pollard for reasons 1.4 (b,d).
1. (C) Summary: Just hours after Chancellor Merkel’s historic November 3 address to a joint session of Congress, General Motors (GM) canceled its sale of Opel to Canadian auto parts manufacturer Magna. The decision, which followed repeated assurances from GM that it was a done deal, came as a complete shock in Germany and dominated media coverage throughout the day. Merkel herself was reportedly highly upset over GM’s flip flop. Ulrich Wilhelm, the Chancellor’s spokesman on Opel said the German government “regretted” the decision, and reminded GM that it must now repay Berlin’s 1.5 billion bridge loan to Opel by the end of the month, while FDP Economics Minister Rainer Bruederle described GM’s action as “totally unacceptable.” The cabinet was expected to discuss the GM move on November 4. Opel’s labor unions, which had strongly backed the Magna sale because of its promise to save jobs and keep plants open, announced that workers would withdraw all concessions made under the terms of the Magna deal and start a general strike at Opel plants on November 5. While anger is widespread, there are already some voices outside the government advocating acceptance of GM’s announcement as the only viable alternative to a total collapse of Opel. End Summary.
GM Board Member: The IPO Is Premature
Ready to buy some GM share tomorrow? A consummate insider who sits on the board of an important GM company says: Don’t.
Klaus-Franz, Chair of the Opel works council and Vice Chairman of the Opel supervisory board warns: “The IPO is premature. Sure, GM has delivered three good quarters. But he restructuring in Europe must be finished to give investors the visibility they need.”
Franz knows the skeletons hidden in Opel’s closet. In an interview with Germany’s Focus Magazine, Franz gives valuable investment advice to potential GM shareholders. To repeat: “Don’t.”
$41,000 For A Volt? A Bargain - Compared To An Ampera
America – the greatest country on earth. At least when it comes to Chevy Volt prices. You think its $41,000 tag is expensive? Wait until you hear what the Europeans will have to fork over for the rebadged Opel Ampera, and the Volt will look like the greatest deal on earth. Especially after subsidies. Ready?
What Would GM Be Without Opel? Rich
Oh, to be a fly on the wall of the GM boardroom:
“Did you see the latest Opel numbers?”
“Jeez! Horrible!”
“What are these clowns thinking? We have an IPO to close.”
“Talk about timing. We should have sold them to the Russians. Who was the moron that cancelled that deal?”
“I hope the next rattlesnake wins.”
Indeed, the news from Rüsselsheim aren’t good, and with the IPO closing this coming week, they could not have come at a more inopportune time.
Buick Regal GS: No AWD, One Second Slower Than Projected
Opel Plugs City Sized Hole
Despite losing $600m, Vauxhall/Opel is planning for the future. They’re bringing the Chevrolet Volt to Europe and they expect to be back in the black by 2012. Now, it appears, they want to fill that hole in their lineup. You know? That city car sized hole? Just below the Corsa.
Good News From Germany: Opel Loses Only $600m
When GM went on the begging tour around Europe, they had dire projections. They expected a loss of $1.7b or thereabouts for 2009. Can’t have such bad news before an IPO. And imagine the elation when the big bottom line was drawn under the books of the 2009 fiscal – and Opel had lost only $600m. Who dunnit?
GM May Have Found A Buyer For Their Antwerp Plant
GM has a $530m millstone around its neck. It’s the closed and unsold Antwerp plant. Nobody wants it. The Antwerp assets are turning into a liability which endangers the GM IPO. Now it looks like GM found a savior that could take the plant off their hands. Guess where he comes from. Hint: Not from Washington.
Opel Antwerp Sale Fail Sticks GM With Half-Billion Bill
Opel: Perception Gap, Made In Germany
If cars have DNA, as it is being repeatedly claimed, then perception gap must be running in the family at GM. Now, Opel has admitted that they are afflicted by the syndrome. “I agree with you that the brand has great potential to be hipper and younger,” said Alain Visser, chief marketing officer of Opel in Automobilwoche [sub]. And they are trying real hard. They engaged German songstress Lena as an advertising icon. Not the “99 Luftballons” Nena. It#s a sound-alike, Lena Meyer-Landrut of dubious Eurovision fame. Further forays are imminent. Says Visser: “After the music, we will occupy the themes of sport, art and science.”
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