Opel says it has already made "substantial operational progress" with its DRIVE! 2022 10-year plan, first announced in summer 2012.

The company said that in 2013 it cut its losses in Europe by more than half although it expects this year to be more challenging. Chief executive officer Karl-Thomas Neumann said that, on one hand, the company continues to improve its operational business, on the other, non-recurring costs such as the closure of the plant in Bochum and volatile currencies will put pressure on earnings.

Opel plans to return to profitability by mid-decade thanks to a number of measures, including lower product and structural costs, improved capacity utilisation of plants, higher sales revenues and the improved brand profile.

It has set itself five strategic objectives. By 2022, Opel and Vauxhall are aiming for 8% market share in Europe, with the focus on profitable growth. The profit margin is targeted to reach 5%. At the same time, the company plans to further improve quality and customer satisfaction.

Neumann said: "In the past months Opel’s management team has worked hard on advancing the DRIVE! 2022 initiative. We have already made the preparations for implementing the plan step by step. We have the full backing of our parent company General Motors."

Opel is focusing on three strategic priorities: models, brands and an improved market penetration. The model and engine offensive includes a total of 27 new models and 17 engines between 2014 and 2018.

The second strategic priority is the strengthening of Opel’s brand image as "emotional, approachable and German" while market share and growth targets represent the third priority.

By 2022, Opel plans to increase its market share in Germany from 7.2 to 10%. In Europe (including Russia and Turkey), the company aims to raise its market share from a current 5.8 to 8% as it targets becoming the number two in the European passenger car market together with British sister brand Vauxhall.