General Motors outlined an long-awaited restructuring plan yesterday for its Opel/ Vauxhall operations in Europe that would see car maker invest €11bn ($15bn) in the business over five years but also cut 8,300 jobs.
In an effort to make Opel/Vauxhall profitable by 2012, GM also plans to cut 20 per cent of plant capacity.
The unveiling of the plan came as the US carmaker formally applied to Berlin for €1.5bn of loans or guarantees – potentially the biggest portion of the €3.3bn GM says it needs to revive its European business.
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