Wednesday, June 30, 2010
Last Month General Motors Co. decided to sale their European Opel unit to Canadian auto parts maker Magna International. This month however, General Motors Co. has decided to keep Opel themselves.
This decision was made Tuesday after a long meeting in Detroit; the CEO of General Motors Fritz Henderson reported that General Motors will present its reconstructing plan forOpel to the German government soon. Magna's co-CEO Siegfried Wolf reported that Magna would continue to support both General Motors and Opel through-out the future.
General Motors has had a very tough time through-out this recession. They lost more than $8 billion through-out the past 4 years and have received $50 billion forgovernment aid. They announced the selling Opel in hope that their profit would go up in both Latin America and Asia.
At 54,000 workers and sells in cars such as Vauxhall, Opel, Cadillac and Chevrolet General Motors has the fourth highest auto sales in Europe coming in after VW Group, PSA Group and Ford Motor CO. European sales dropped 6.6 percent through the month of December and sales of Vauxhall and Opel cars have dropped even further coming in at 11.4 percent.
While General Motors had to file for bankruptcy earlier this year, Opel was kept out of the filing. Sixty-five percent of Opel was under the care of a trust while the other 35 percent was withheld by General Motors.
General Motors was not the only company having many problems during this recession. Several auto industries went into bankruptcy and were kept open due togovernment aid. Numerous companies ended up selling out some of their money making cars while others had to discontinue some famous cars. Now auto industries are beginning to pick up but they are still not doing so hot because American's just do not have the money to buy cars.
During this summer, the "Cash for Clunkers" program was a huge success among auto industries. American's were able to use their rebates so they could trade in their old gas chugging cars for a new fuel efficient one. All the while this program was great for business, when the program ended so did the business.
Unemployment rates keep rising which means more people are becoming jobless and less able to afford their mortgage let alone a new car. It is like a domino effect and it all starts with unemployment, once unemployment is figured out and American's stop losing their jobs and others find jobs, the economy will strengthen thus getting us far way for the outskirts of a recession.
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