General Motors’ European unit Opel expects to report a EUR1.4bn loss this year, chief Nick Reilly said in a magazine interview on Monday.
Reilly told Wirtschaftwoche that restructuring charges were weighing heavily on the results.
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“In total (for 2010) we are looking at a loss of about US$2bn or EUR1.4bn,” he said.
Opel has already reported a net loss of EUR1.2bn in the first nine months of the year but hopes to make a profit from 2012.
GM recently began restructuring Opel including axing 8,000 jobs in Europe from a workforce of 46,000, half of whom are based in Germany.
The measures will cost the company EUR1bn this year and EUR500m next year, Reilly said.
