Opel is set to become a global brand and return to profit by 2011, the boss of prospective owner Magna believes.
The Canadian car parts company plans to revamp the Opel range with “lots of new cars in the pipeline” and target key markets like Russia, Magna co-CEO Siegfried Wolf said.
Speaking in an interview in Berlin, Wolf added: “It’s not just the volume alone that matters. Opel has good management. In combination with Magna, I‘m quite sure they’ll find the right way to become competitive again.”
However, he also hinted that jobs in the UK could be in jeapordy.
Wolf said the future of Opel’s four assembly plants in Germany is “not in question”, but under the new plans 11,000 jobs across Europe, including 2600 in Germany, could disappear.
When asked about the factory in Luton, he said: “At the end of the day, companies have to profitable. Companies that not profitable are not good for society.”