Fritz Henderson, GM’s Chief Operating Officer, has announced plans to split Opel and Vauxhall into a separate division that can then be opened up for outside investment. GM has also announced that it is looking for £2.9 billion in state aid from countries across Europe to keep the various operations afloat, or risk losing some 300,000 jobs from across the GM portfolio. The real kicker? It needs to happen before April.
Apparently GM is in talks with the Governments of Britain, Germany, Spain and Belgium – though there’s no big rush to hand over the cash from anyone at the moment, even if GM then takes a complete back seat and becomes a minority shareholder.
If there’s light at the end of the tunnel for the UK its that Vauxhall’s Ellesmere Port plant has been described as one of GM’s ‘leaner factories’ indicating that it might not be for the chop. But the future is not looking particularly bright.