Filed under: Europe, Government/Legal, GM, Earnings/Financials, Opel, Vauxhall, UK
General Motors has just announced that it will no longer pursue government aid for its Opel and Vauxhall brands. The reason? Neither company’s financial situation has exactly changed since The General first began asking loans from EU few months back, but GM simply says it can’t wait certain governments get their ducks in row. Evidently, application process has been much more drawn out than company originally anticipated.
We’re guessing that “certain governments,” General Motors actually means Germany. The country just voted against handing out any money to either Opel or Vauxhall because General Motors seems to doing well enough support its children. Whether true or not, GM says it will continue pursue other financing options help support two European brands.
GM originally asked European governments for total $2.2 billion at current conversion rates, and date, only UK and Spain have responded around $405 million in aid each. Hop jump for the full press release.
[Source: General Motors]
Continue reading GM formally withdraws all Opel-related loan requests, vows finance alone
GM formally withdraws all Opel-related loan requests, vows finance alone originally appeared Autoblog Wed, 16 Jun 2010 13:01:00 EST. Please see our terms use feeds.
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