RÜSSELSHEIM, Germany — As expected, Opel CEO Nick Reilly came out swinging on Tuesday, announcing an aggressive five-year plan for the Opel and Vauxhall brands, including the launch of new hybrid and battery EV models.
Reilly said Opel/Vauxhall plans to spend $15 billion by 2014. The investment will cover the launch in 2010 of eight products, including the Meriva, Corsa, Movano and Astra Sports Tourer, as well as four in 2011, including the Ampera hybrid.
The company, which has effectively replaced the former General Motors Europe organization, has earmarked $1.4 billion for a range of new green-tech models, including a second hybrid and a compact EV.
"We now have a road map, we know where we are headed and we are working with all our partners so we can switch into high gear for a successful future," Reilly said.
He projected that Opel/Vauxhall would break even in 2011 and return to profitability in 2012.
To help fund its investment, Reilly said Opel/Vauxhall will apply for $3.7 billion in loans or loan guarantees from various European governments where Opel plants are located.
"Opel/Vauxhall has a clear vision: to be a leading European manufacturer of high-quality, desirable automotive products, based on German engineering, driven by a united team of professionals and respected around the world," Reilly said.
Inside Line says: Reilly has a tremendous track record so far, especially in Asia, but he's never faced a situation like the one in Europe. — Paul Lienert, Correspondent
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mentalward says:
08:42 PM, 02/09/2010
Not just you. The Opel Ampera is the european version of the Volt
ivtkdou says:
06:47 PM, 02/09/2010
Does anyone else see the striking similarity to the Chevy Volt?..... Or is it just me.