General Motors’ German unit Opel on Friday said its 2003 operating loss widened to €384 million euros ($US476 million) from a loss of €227 million a year earlier, according to Reuters.
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The report said the company blamed weak demand, discounts on cars, currency effects and the costs of consolidating its distribution network for the wider loss after implementing a turnaround plan over the last three years in a bid to return to profit.
Reuters noted that Opel has said it now aims to post an operating profit in 2004 as cost cuts take effect and it launches its key Astra line to take on Volkswagen’s new Golf.
However, reports earlier this week said Opel was already offering incentives on the Astra – before its launch – to match those from VW whose Golf reached German showrooms in October.
