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Opel to stop production at German plant in 2016
- Germany: Tuesday, December 11 - 2012 at 04:44
Opel, a wholly-owned subsidiary of General Motors, has said it will cease production at its Bochum, Germany site in 2016, confirming a plan put together in June in response to overcapacity. "Despite intensive efforts, there is no way to change the situation," Opel said. "The main reasons being the dramatic decline on Europe's automobile market and huge overcapacities in the entire European auto industry." The closure is part of GM's aim to regain profitability in its European division by the middle of the decade, after it lost $747m last year. The European division is set to lose between $1.5bn and $1.8bn this year, GM said, depending on restructuring costs.
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