FRANKFURT (Reuters) -- General Motors will neither sell its loss-making European unit Opel nor "simply close up shop and leave," CEO Dan Akerson told more than 5,000 staff in the brand's headquarters in Ruesselsheim today.
"As a global auto company, GM needs a strong design, engineering, manufacturing and sales presence in Europe. There's room for Chevrolet in Europe but Opel fulfills that role," he said in a copy of a speech.
"Recommendations that we 'cut and run' show you that some people simply do not see how important Opel is to our success," Akerson said.
Akerson has come under pressure from investors to divest or unwind Opel, which Morgan Stanley forecasts will post another $1 billion in annual operating losses on average through 2021 after $16 billion over the past dozen years.
GM, however, said last month it expects Opel to return to break-even levels by mid-decade.
Read more: http://www.autonews.com/article/2012...#ixzz2CK9HA300