Despite Stuggles in Europe, GM (GM) Will Stick with Opel
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"See that Opel unit right over there," General Motors said aloud to no one in particular. "Stop looking at it."
General Motors (NYSE: GM) has struggled in Europe over the past, well, decade or so, and its Opel unit hasn't done much to bolster confidence as of late.
GM said it was planning for European losses of as much as $1.8 billion in 2012. Earlier this week, CEO Dan Akerman said that GM was being "brutally honest" with itself over expectations for Europe the next couple of years. The Detroit, Michigan-based company expects Germany, the strongest economy in the EU, will slip into recession during 2013.
But, despite the hardship ahead, GM has no plans to sell the Opel unit. The comment came from GM Vice President Steve Girsky on Thursday ahead of an event at Opel's Eisenach, Germany-based plant.
Shares of GM are up in early trading.
General Motors (NYSE: GM) has struggled in Europe over the past, well, decade or so, and its Opel unit hasn't done much to bolster confidence as of late.
GM said it was planning for European losses of as much as $1.8 billion in 2012. Earlier this week, CEO Dan Akerman said that GM was being "brutally honest" with itself over expectations for Europe the next couple of years. The Detroit, Michigan-based company expects Germany, the strongest economy in the EU, will slip into recession during 2013.
But, despite the hardship ahead, GM has no plans to sell the Opel unit. The comment came from GM Vice President Steve Girsky on Thursday ahead of an event at Opel's Eisenach, Germany-based plant.
Shares of GM are up in early trading.
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