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American car giant GM outlines restructure plan

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American car giant GM outlines restructure plan

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The American car giant General Motors has been submitting survival plan. It’s told the US Treasury it needs the equivalent of 25 billion euros from American taxpayers to stay in business.

The company says it will focus on its three strongest global brands Chevrolet, Cadillac and Buick, as well as its GMC trucks. It wants to sell Saab and it’s working out what to do with Opel in Germany which desperately needs a giant cash injection as new car sales in Europe plummet. Rick Wagoner General Motors CEO said: ‘With regard to OPEL we are in the midst right now of working with various parties including the German government on funding options for that subsidiary and I guess at this point we need to listen to all options. A big question mark over the future of Opel is a huge worry for workers at the plant at Bochum in Germany. Unions there say the’d like to split away from GM. One Opel employee saying ‘Personally i’d like to see Opel separated from GM. I don’t think GM run their affairs very well. I think we would do better as an independent company.’ But until a decision is made Opel workers are left wondering about their future. Workers’ representatives are warning plant closures and lay-offs would have what they describe as disastrous consequences for GM brands in Europe.