Vauxhall and Opel have withdrawn applications for European government funding aid
16 June 2010

Vauxhall and Opel have withdrawn applications for European government funding aid, citing long delays in reaching agreements as a source of frustration.

In a statement, the GM brands said that their request for £1.5 billion in aid had been dropped, but added that the money was still needed. It said it would fund the restructuring itself instead.

"GM's recently improved financial strength has been a catalyst for making this decision," the carmaker said in a statement, adding that it expected to return to profitability "shortly".

GM Europe president Nick Reilly said: "We cannot afford to have uncertain funding plans and new time-consuming complex negotiations at this time when we need to keep investing in new products and technologies."

Germany has rejected a request for state aid, while the UK government is reviewing £275 of promised loan guarantees.

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Comments
5

16 June 2010

Yes, GM its very frustrating when people take a very long time to make decisions and keep going back on their word.

16 June 2010

[quote crashbangwallop]

Yes, GM its very frustrating when people take a very long time to make decisions and keep going back on their word.

[/quote]

Very Good!

16 June 2010

[quote crashbangwallop]Yes, GM its very frustrating when people take a very long time to make decisions and keep going back on their word. [/quote]

Quite!

30 November 2012
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Regards,

5 December 2012

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