General Motors Co.’s Opel unit says it plans to invest euro11 billion ($15 billion) through 2014 and will cut 8,300 jobs across Europe as it seeks to streamline its operation.
Chef Executive Nick Reilly said as he presented Opel’s restructuring plan on Tuesday that the automaker is seeking euro2.7 billion from European governments in loans and loan guarantees.
The figure for job losses was in line with that previously given. Opel and British sister brand Vauxhall employ around 48,000 people in Europe, about half of them in Germany.
Reilly said: “we have no time to waste. We need a plan that is going to be realistic about the tremendous economic pressures we face.”
