Opel Will Go Begging Again

This week, Opel will embark on a pan-European begging tour. Applications for government aid will be sent to Germany’s central government, Germany’s states with Opel plants, and to the European countries where Opel has a presence. A business plan, and an expert opinion from the little known CPA firm Warth & Klein will complete the package, writes Das Autohaus. Target of the funds drive are €2.7b. Opel management still counts on wage concessions of €265m per year over five years (a total of €1.3b). Unions and the Opel Works Council already have said “nein” to the concessions. Governments want to see the paperwork first,

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Opel Going Nowhere Fast
Opel is running out of time and out of money. In the second quarter of 2010, the company will be out of cash again, figures the German Handelsblatt. As indicated yesterday, discussions with the unions are going nowhere. Says the Handelsblatt:”Management is preparing for a breakdown of the talks.” Reilly and his crew are trying to find ways how to get Opel going without wage concessions by the unions. But how?
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Opel: Shots Fired

Not surprisingly, the decision to close Antwerp is not sitting too well with Opel’s European Works Council. Their reply: Forget the wage concessions you wanted from us, and which are so critical for Opel’s survival.

Management at Opel wanted employees to contribute €265m annually to the cause. The unions were ready to deal, but wanted shares. Reilly reneged on the shares, which raised union hackles. Now, the offer is off the table. And with it, an essential piece of Opel’s future.

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Opel Unions Reject GM Plan

To have a chance of succeeding with its Opel turnaround, GM needs two things: Financial support from the European governments to the tune of €2.6b. And concessions by Opel workers worth €265m a year. GM itself doesn’t have more than $600m to contribute. Not the best bargaining position.

Chances of government support are getting slimmer as time goes on. Now, Opel labor representatives flat out refuse any support if GM sticks to its turn-around plan for Opel. It is “totally unacceptable” said Opel labor leader Klaus Franz. “A reduction of 9,000 jobs in Europe is out of the question,” Franz said to the Frankfurter Rundschau.

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  • Namesakeone If you want a Thunderbird like your neighbor's 1990s model, this is not the car. This is a Fox-body car, which was produced as a Thunderbird from MY 1980 through 1988 (with styling revisions). The 1989-1997 car, like your neighbor's, was based on the much heavier (but with independent rear suspension) MN-15 chassis.
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  • Jeff S Just to think we are now down to basically 3 minivans the Chrysler Pacifica, Honda Odyssey, Toyota Sienna. I wonder how much longer those will last. Today's minivan has grown in size over the original minivans and isn't so mini anymore considering it is bigger than a lot of short wheel based full size vans from the 70s and 80s. Back in the 70s and 80s everything smaller was mini--mini skirt, mini fridge, mini car, and mini truck. Mini cars were actually subcompact cars and mini trucks were compact trucks. Funny how some words are so prevalent in a specific era and how they go away and are unheard of in the following decades.
  • Jeff S Isn't this the same van Mercury used for the Villager? I believe it was the 1s and 2nd generations of this Quest.
  • VoGhost I don't understand the author's point. Two of the top five selling vehicles globally are Teslas. We have great data on the Model 3 for the past 5 years. What specifically is mysterious about used car values?