GM Europe News
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General Motors Co., the world’s second-largest carmaker, plans to invest 4 billion euros ($5.24 billion) in Europe operations through 2016 as it adds models to increase market share and restore profit in the region.
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As General Motors Co. Vice Chairman Steve Girsky took a new assignment last year to stem more than a decade of losses in Europe, a colleague gave him a Latin phrase that translates as “I shall either find a way or make one.”
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General Motors Co., reiterating that it expects to break even in Europe by mid-decade, reported losses in the region that more than doubled last year compared with 2011 and said the market will fall further in 2013.
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General Motors Co. and Ford Motor Co., the two biggest U.S. carmakers, won employees’ approval in Europe for labor-cost cut plans to restore earnings in the region in response to a recession that’s reducing vehicle sales.
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General Motors Co. agreed to guarantee the jobs of more than 20,000 German workers in exchange for a wage freeze as the unprofitable Opel brand works to reduce spending.
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General Motors Co.’s Opel unit appointed Karl-Thomas Neumann as its top executive, tasking the former Volkswagen AG manager with ending years of losses at the German subsidiary.
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General Motors Co. may still struggle to push through a labor deal announced yesterday after the works council leader at a German factory slated to end production said he doesn’t support the plan.
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General Motors Co. ’s European division is reorganizing faster than planned as higher car prices help limit losses this year, according to Nick Reilly , the head of the unit.
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General Motors Co. will eliminate 2,600 jobs in Europe by the end of the year as part of plan to reduce fixed costs in the region by $300 million in 2012.
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General Motors Co., struggling to stem losses in Europe, said the head of operations there stepped down and named Vice Chairman Steve Girsky as interim chief.
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