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.
Go deeper with GlobalData
“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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
