General Motors has no plans to sell Opel/Vauxhall despite CEO Dan Akerson being “fed up” with the speed on the European firm’s recovery, industry sources have revealed.
“Akerson is fed up with Opel and the turnaround isn’t gaining traction,” one of the sources told Reuters.
But despite Akerson’s grievances, the sources dismissed reports in German media claiming Opel/Vauxhall was up for sale as “wishful thinking” and there was no formal sales process in place.
GM’s plans instead focus on “thinking of all possibilities to improve performance”. The US giant is determined to return Opel/Vauxhall to profitability after the division lost almost £1 billion in 2010. Opel/Vauxhall is, however, expected to break even this year and return to profit in 2012.
Opel boss Karl-Friedrich Stracke yesterday dismissed the original sale reports, which cited no sources, as “pure speculation”. The reports had claimed that Volkswagen Group and several Chinese firms were interested in buying Opel/Vauxhall from GM.