Posts Tagged ‘opel sale’

Accounting Adjustment Masks Record Full Year Earnings for General Motors

Workers will get $11,750 in profit-sharing.

by on Feb.06, 2018

GM CEO Mary Barra has pushed for major changes in GM's strategy, and the 2017 numbers suggest her approach is paying off.

General Motors officially reported a net loss for 2017, but the real numbers were masked by a series of accounting adjustments and actually climbed into record territory for the year.

The adjusted, $12.8 billion in pretax profits, which worked out to $6.62 a share – an 8.2% year-over-year gain – comes as good news to workers as well as investors at a time when economic uncertainty has shocked Wall Street. About 50,000 U.S. hourly employees will share the maker’s success with profit-sharing checks averaging $11,750 apiece. That bonus actually dipped from $12,000 last year.

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“The actions we took to further strengthen our core business and advance our vision for personal mobility made 2017 a transformative year,” said GM Chairman and CEO Mary Barra, in comments during a media and analyst conference call. “We will continue executing our plan and reshaping our company to position it for long-term success.”

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GM Completes Sale of Opel/Vauxhall to France’s PSA

Detroit maker continues downsized focus on profitable markets.

by on Aug.01, 2017

PSA CEO Carlos Tavares and his GM counterpart Mary Barra celebrate the sale of Opel.

Moving faster than many expected, General Motors has completed the sale of its money-losing European operations to PSA Group, the French automaker’s chairman hailing “the birth of a true European champion today.”

The sale was announced last March and marked a major shift by General Motors away from being a global brand operating in virtually every possible market to one focusing on locales where it can be sure of turning a profit. The long-troubled Opel/Vauxhall unit had last operated in the black in 1999 despite repeated turnaround efforts.

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Itself running deep in the red until earlier in the decade, Parisian-based PSA, the parent of the Peugeot and Citroen brands, has delivered an unexpectedly strong turnaround of its own since the original Peugeot family gave up control of the company and Carlos Tavares was brought on board to run the company.

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Wrapping Up Opel Sale Could Take GM Years to Complete

GM and Opel’s new parent, Peugeot, might actually expand ties.

by on Mar.08, 2017

Opel's past and present debut together: the new Crossland X and the made-over Insignia.

When General Motors and PSA announced terms for the sale of the long-troubled Opel earlier this week, they said they expect to complete the deal later this year.

From a legal standpoint, barring some last-minute regulatory challenges, that’s likely to happen. But while the hand-off will be formalized, on paper, the long ties between GM and Opel will likely continue well into the coming decade.

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A full separation “is going to be (over an) extended period of time,” GM President Dan Ammann told TheDetroitBureau.com during a conversation at the Geneva Motor Show.

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Analysts Call on GM to Dump Opel

“Find a new home” for faltering brand.

by on Sep.06, 2012

GM CEO Dan Akerson is coming under increasing pressure to fix -- or dump -- Opel.

General Motors Chairman and CEO Dan Akerson recently let his guard down for a brief moment, hinting GM made a mistake by not selling off its Opel brand back in 2009, shortly after the U.S. giant emerged from bankruptcy.

Apparently, a growing list of analysts and other observers would agree, warning that the U.S. maker simply won’t be able to stop the hemorrhaging of the German-based Opel which is now heading for a 13th year of red ink.

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“One of the worst things in the auto industry is owning a cash-burning, resource-consuming business,” warns Adam Jonas, lead auto analyst for Morgan Stanley, who has now downgraded GM shares to “overweight,” largely due to the continuing problems the maker has in Europe. “We believe the time has come for GM to find a new home for Opel.”

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GM Planning Another Restructuring in Europe

Did GM make a mistake keeping German brand?

by on May.03, 2012

GM CEO Dan Akerson testifying before Congress earlier this year.

Fresh on the heels of another big loss on the other side of the Atlantic, General Motors Chairman and CEO Dan Akerson confides that another big shake-up is coming in Europe.

The executive, interviewed on public radio’s The Takeaway, didn’t detail specifics of the plan but it would be the latest in a series of efforts to staunch the hemorrhaging losses at GM Europe.  Once forecast to be back in the black this year, GM Europe lost $256 million for the January to March quarter, a heavy setback at a time when other key units, including North America, are improving their profitability.

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“It’s a 4-alarm fire,” Akerson told Takeaway co-host Celeste Headlee, adding that GM’s top management is “doing everything we can to get it back in the black.”  That means, Akerson said, “We’re going to have to restructure again.”

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GM CEO Akerson Confirms Opel Not for Sale

by on Jul.27, 2011

Opel is still not for sale, insists Akerson.

General Motors’ top executive has made another attempt to head off rumors that the maker’s long-troubled Opel subsidiary is for sale.

“We don’t comment on speculation,” GM chairman and chief executive officer Dan Akerson said before doing precisely that during a brief news conference at a GM assembly plant in Detroit called to officially discuss the opening of contract talks with the United Auto Workers

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“Opel is not for sale,” Ackerson emphasized, reiterating a comment he made earlier in the month – which apparently did little to quell reports in Germany that the subsidiary would be placed on the market.  Whether his latest comment will finally quash speculation remains to be seen in light of Opel’s ongoing problems.

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GM Says Opel Not for Sale

German subsidiary making “solid progress.”

by on Jul.18, 2011

Former GM engineer Frank Weber helped guide development of both the Chevy Volt and its near-twin, the Opel Ampera, shown here.

Again battling speculation about the possible sale of Opel, which has been circulating in the German press, General Motors has dropped its usual policy of not commenting on speculative stories by firmly stating the long-troubled subsidiary is not for sale.

GM came close to selling off a majority stake in Opel two years ago, and many observers, especially in Germany, believe that with Opel’s recovery still stalled GM might be once again looking for a buyer.  The long-running rumors gained momentum when Volkswagen chief executive officer Martin Winterkorn. Winterkorn last week suggested GM was trying to sell Opel.

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“In Wednesday’s edition of the Frankfurter Allgemeine Zeitung, Volkswagen CEO Martin Winterkorn commented on rumors regarding Opel, which continues a regrettable pattern of fanning speculation as Opel makes solid progress in its restructuring, in generating improved operating results and more,” GM said in statement posted on the company’s media web site.

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Will Opel Return to the U.S.?

That could be critical to German brand’s fate.

by on Jun.20, 2011

Opel reveals the newest Corsa -- which could come to the U.S., according to a senior Opel exec..

It’s one of the best-known nameplates in Europe, but few Americans know the “blitz,” the lightning-strike logo of German-based Opel.  But that could be about to change, says a senior executive with the General Motors subsidiary.

The brand’s chief counsel apparently sees an opportunity to sell Opel’s fuel efficient small cars to increasingly mileage-sensitive American motorists.  The move could help the struggling Opel overcoming a decade’s worth of financial problems – and prevent the rumored GM plan to sell off the floundering marque.

There’s just one problem, industry analysts warn: at the current exchange rate, the dollar is worth less than 0.7 Euros, which makes it extremely difficult to turn a profit importing luxury cars from Europe, never mind econoboxes like the Opel Corsa.

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“The brand had a good reputation in the United States,” Opel Chief Counsel Klaus Franz told the Stuttgart-based Auto Motor und Sport.

He said a study is already underway and that the new model could come to the States by 2013 under the nameplates Junior or Allegra.

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GM May Be Ready to Dump Opel

Faltering turnaround has GM exploring its options.

by on Jun.10, 2011

Opel could be up for sale again.

Hints that General Motors is thinking about dumping Opel are circulating again, especially in Germany, where the maker is based.

Concerns about Opel’s future were initially touched off as GM plunged into bankruptcy and came close to selling off a majority stake in the European subsidiary. Ultimately, GM decided to hold onto Opel but, earlier this week, CEO Dan Akerson declared that Chevrolet would become the carmaker’s lead global brand, a position that once was reserved for Opel.

Now, the German news magazine Der Spiegel, one of Europe’s most influential and authoritative publications, reports GM appears to be getting ready to sell Opel off again after backing out of the 2009 deal that would have turned control of the German operation over to a troika that included Magna and Russian bankers and investors.

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However, Der Speigel said GM’s top management, namely Chairman and chief executive officer Akerson, are growing impatient with the lack of progress in regaining profitability. Opel has steadily lost money for the better part of a decade but the problems were always overshadowed by the larger issues looming over the parent company back in Detroit.

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GM Going it Alone With Opel

Maker withdraws aid requests, will self-fund turnaround.

by on Jun.16, 2010

Opel CEO Nick Reilly will have to lead a turnaround without government aid.

After having the Berlin government reject a bailout request for its troubled Opel subsidiary, General Motors is withdrawing a bid for help from other European governments and will now seek to fund the operation’s recovery on its own.

The announcement is the latest twist in a saga that began even before GM’s own U.S. bankruptcy, last year, which triggered a $50 billion package of aid from the American Treasury.  At one point, while the giant automaker was struggling for survival, it gave serious thought to selling a majority stake in German-based Opel and its British sibling Vauxhall.

But in recent months, with its own recovery proceeding better than anticipated, GM has not only been able to hang onto Opel, but now believes it can handle the financing of the unit’s turnaround.

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“Given the need to proceed quickly,” a GM statement said, it can no longer wait while trying to negotiate assistance from various European governments.  That bid was dealt a severe blow, last week, when the administration of German Chancellor Angela Merkel rejected the latest request for Opel aid.

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