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  • GM Considering Plan To Keep Opel

    GM Considering Plan To Keep Opel August 25th, 2009 By Viknesh Vijayenthiran's avatar Viknesh Vijayenthiran, Author, August 25th, 2009 Alex Kaufmann 7 Comments

    GM Considering Plan To Keep Opel

    General Motors CEO Fritz Henderson has previously stated that a new buyer for Opel would be picked this year and that at least three different companies were still in the bidding. Those three companies included auto parts supplier Magna International, private equity group Ripplewood Holdings and Chinese automaker Beijing Automobile Co. (BAIC), however, late last month reports emerged claiming the German government and GM had failed to agree on a buyer though Magna is said to be the leading contender.

    Now it appears that GM has a backup plan to keep Opel all for itself. Latest reports indicate that GM is considering a plan to raise funding to...

    General Motors CEO Fritz Henderson has previously stated that a new buyer for Opel would be picked this year and that at least three different companies were still in the bidding. Those three companies included auto parts supplier Magna International, private equity group Ripplewood Holdings and Chinese automaker Beijing Automobile Co. (BAIC), however, late last month reports emerged claiming the German government and GM had failed to agree on a buyer though Magna is said to be the leading contender. Now it appears that GM has a backup plan to keep Opel all for itself. Latest reports indicate that GM is considering a plan to raise funding to keep Opel as an alternative to selling the unit. At a board meeting last Friday, GM directors declined to endorse a sale of Opel to Magna, sending the automaker back into negotiations this week with the German government. A person familiar with Magna’s plans previously revealed that the parts supplier had increased its bid for Opel, from the original 20% stake it envisioned, to 27.5%. Under the new plan, Magna and Sberbank, Magna's Russian partner, would own 55% of Opel--27.5% each--while the remaining 35% would go to GM and 10% would go to Opel employees. However, while GM remains focused now on trying to clear remaining issues with the Magna deal, executives also are considering other options, including raising more than $4 billion in a bid to keep Opel, sources said. To raise the necessary funds, GM could potentially sell or mortgage its assets in China. In the meantime, the German government is providing Opel with bridge loans to stay afloat while the bids continue to be studied. GM has also asked Germany for financial assistance for the brand. [Reuters] Read More

  • Opel’s new owner won’t be able to sell cars in U.S. or China

    Opel’s new owner won’t be able to sell cars in U.S. or China June 2nd, 2009 ByAlex Kaufmann Alex Kaufmann, Author, June 2nd, 2009 Alex Kaufmann 10 Comments

    Opel’s new owner won’t be able to sell cars in U.S. or China Earlier this week Opel managed to secure a $2.1 billion bridge financing package from the German government to keep itself operating until ownership is transferred from GM to another investor. This new investor will be Canada’s Magna International, which together with Russian bank Sherbank, has signed a memorandum of understanding (MoU) with GM and the German government for the eventual sale of Opel.

    Magna’s main purpose in acquiring Opel is to build cars and expand into the emerging Russian market. However, there were also reports that Magna may use Opel’s plants to start churning out cars for other automakers, including ... Earlier this week Opel managed to secure a $2.1 billion bridge financing package from the German government to keep itself operating until ownership is transferred from GM to another investor. This new investor will be Canada’s Magna International, which together with Russian bank Sherbank, has signed a memorandum of understanding (MoU) with GM and the German government for the eventual sale of Opel. Magna’s main purpose in acquiring Opel is to build cars and expand into the emerging Russian market. However, there were also reports that Magna may use Opel’s plants to start churning out cars for other automakers, including Ford and Ford and PSA Peugeot Citroen. While the exact future plans of Magna and Opel are still relatively unknown, we can confirm that no Opel models will be sold in the U.S. or China for the time being. Magna founder Frank Stronach has revealed to Automotive News that his company is prevented by an agreement with GM from selling Opel cars in those key markets. Stronach did however hint that there may be a chance in the future as GM will still keep a 35% stake in Opel so it’s in the U.S. automaker’s best interest to see the deal thrive. He suggested the prohibition on Opel sales in China might be flexible: "If it makes economic sense you might persuade people to change something." Stronach also revealed that he expects Opel to break even in three years, and to turn a profit in four. This means that we’re unlikely to see stylish cars like the all-new 2010 Astra and 2009 Insignia sold in the U.S., though GM still owns the rights to these vehicles and their respective platforms. This means the cars could be sourced from non-Opel factories, just as GM does for its Insignia-based Buick Regal in China. Read More

  • Opel adds 'Sports Tourer' body to Insignia OPC line

    Opel adds 'Sports Tourer' body to Insignia OPC line May 19th, 2009 ByKenneth Hall Kenneth Hall, Author, May 19th, 2009 Kenneth Hall 3 Comments

    Opel adds 'Sports Tourer' body to Insignia OPC line Following last month’s reveal of the 325hp (242kW) Opel Insignia OPC comes the wagon or ‘Sports Tourer’ version, which is set to go on sale in Opel and Vauxhall showrooms in the second half of the year. Like its sedan counterpart, the OPC Sports Tourer comes packing the same twin-turbocharged powerplant, sophisticated AWD chassis and a sub-six second 0-60mph time.

    For the uninitiated, OPC, which stands for Opel Performance Center, is the name given to models developed by GM’s official in-house tuner in Europe, and in the past has been used for cars like the Astra and compact Corsa hatchbacks. OPC models are rebadged... Following last month’s reveal of the 325hp (242kW) Opel Insignia OPC comes the wagon or ‘Sports Tourer’ version, which is set to go on sale in Opel and Vauxhall showrooms in the second half of the year. Like its sedan counterpart, the OPC Sports Tourer comes packing the same twin-turbocharged powerplant, sophisticated AWD chassis and a sub-six second 0-60mph time. For the uninitiated, OPC, which stands for Opel Performance Center, is the name given to models developed by GM’s official in-house tuner in Europe, and in the past has been used for cars like the Astra and compact Corsa hatchbacks. OPC models are rebadged as VXRs when sold under the UK’s Vauxhall brand. The only discernable difference between the sedan and Sports Tourer is the extra storage space of the wagon body, which offers 540L of load space with the 40:60 split rear seats up and 1,530L when folded down. The Insignia OPC is the first model from the performance division to be offered with AWD and is available in sedan, hatch and Sports Tourer wagon bodystyles. Highlights are a ‘HiPerStrut’ (High Performance Strut) front suspension system, an adaptable AWD system with an electronic Limited Slip Differential and a 10mm reduction in ride height over the standard Insignia. The HiPerStrut system is unique to the OPC model and serves two primary functions: firstly, to reduce torque-steer, but also to maintain negative camber during cornering, thereby improving ultimate grip levels in wet or dry conditions. Drive comes from a 2.8L V6 turbocharged engine rated at 325hp (242kW), which is enough to send the car from 0-60mph in 5.8 seconds and an electronically controlled top speed of 155mph. Complementing these features are standard 19in alloy wheels (20in lightweight forged alloys are optional), revised bushing and damper settings on both axles, and Brembo brakes with color-keyed calipers and vented and cross-drilled discs. The sporting theme continues inside with Recaro front seats, a new steering wheel, gearknob and unique moldings, as well as different instrument graphics and sill plates.2009 Opel (Vauxhall) Insignia wagon2010 Opel Insignia OPC (Vauxhall Insignia VXR)2010 Opel Insignia OPC Sports Tourer (Vauxhall Insignia VXR) Read More

  • Report: Magna considers using Opel to build cars for other brands

    Report: Magna considers using Opel to build cars for other brands May 17th, 2009 ByJeremy Weber Jeremy Weber, Author, May 17th, 2009 Jeremy Weber 2 Comments

    Report: Magna considers using Opel to build cars for other brands Bidding for General Motors’ Opel division has intensified recently, with the German government revealing late last week that only two parties remain in the bidding war – Fiat and Magna International (together with Russia’s GAZ Group). While it’s been speculated that Fiat is considering using Opel designs for its recently acquired Chrysler, new reports are suggesting that Magna may use Opel as independent vehicle supplier for other carmakers.

    According to Germany’s Welt am Sonntag newspaper, if Opel needed to reduce production of its own core models then any unused capacity could be used to manufacture vehicles... Bidding for General Motors’ Opel division has intensified recently, with the German government revealing late last week that only two parties remain in the bidding war – Fiat and Magna International (together with Russia’s GAZ Group). While it’s been speculated that Fiat is considering using Opel designs for its recently acquired Chrysler, new reports are suggesting that Magna may use Opel as independent vehicle supplier for other carmakers. According to Germany’s Welt am Sonntag newspaper, if Opel needed to reduce production of its own core models then any unused capacity could be used to manufacture vehicles for other carmakers. Inside sources close to Magna revealed that some of the possible third party carmakers include Ford and PSA Peugeot Citroen. The source went on to reveal that Magna has no plans to close any Opel factories in Germany, although it may shut plants in Antwerp, Belgium, and Luton, England. Magna, together with Russia’s GAZ Group, is reportedly considering taking a 50% share in Opel. Under the alleged plan, Magna would purchase about 20% of Opel and GAZ would possibly combine with Russian banks to pick up another 30%. Standing in the way of Magna’s deal is pressure from Fiat, which is seeking to integrate Opel into a new global auto giant consisting of a restructured Chrysler and Fiat’s respective auto units. Furthermore, GM reportedly favors a single bidder as opposed to a group - meaning Fiat's proposal would likely prove more attractive than a Magna/GAZ combo. Of course, GM must also consider not just the present, but also the future of Opel, especially since it will retain a substantial stake in the company. Read More

  • Russia’s GAZ emerges as potential bidder for Opel

    Russia’s GAZ emerges as potential bidder for Opel May 12th, 2009 ByJeremy Weber Jeremy Weber, Author, May 12th, 2009 Jeremy Weber 0 Comments

    Russia’s GAZ emerges as potential bidder for Opel Less than 24 hours after GM CEO Fritz Henderson announced that a new buyer for Opel would be picked by the end of this month, Russia’s GAZ Group has confirmed that it would be interested in creating a joint venture with Magna International and Opel. Magna, as previously reported, is competing with Fiat for GM’s European operations but is only seeking a minority share of about 20%.

    Unlike Fiat and Magna, however, GAZ has substantial debts so its role in any takeover of Opel would be limited. In an official statement, GAZ said it would be responsible for manufacturing Opel passenger cars at its Nizhny Novgorod plant.

    The Russian... Less than 24 hours after GM CEO Fritz Henderson announced that a new buyer for Opel would be picked by the end of this month, Russia’s GAZ Group has confirmed that it would be interested in creating a joint venture with Magna International and Opel. Magna, as previously reported, is competing with Fiat for GM’s European operations but is only seeking a minority share of about 20%. Unlike Fiat and Magna, however, GAZ has substantial debts so its role in any takeover of Opel would be limited. In an official statement, GAZ said it would be responsible for manufacturing Opel passenger cars at its Nizhny Novgorod plant. The Russian auto giant and Magna have collaborated in the past on similar projects, and together with GM’s European operations could potentially produce up to five million vehicles per year, reports Automotive News. Standing in the way of Magna’s deal, however, is pressure from Fiat, which is seeking to integrate Opel into a new global auto giant consisting of a restructured Chrysler and Fiat’s respective auto units. Furthermore, GM reportedly favors a single bidder as opposed to a group - meaning Fiat's proposal would likely prove more attractive than a Magna/GAZ combo. Of course, GM must also consider not just the present, but also the future of Opel, especially since it will retain a substantial stake in the company. Read More

  • Preview: Opel Insignia 'GTC' Coupe

    Preview: Opel Insignia 'GTC' Coupe May 11th, 2009 ByRalph Hanson Ralph Hanson, Author, May 11th, 2009 Ralph Hanson 2 Comments

    Preview: Opel Insignia 'GTC' Coupe We’ve already seen Opel expand its Insignia lineup with the Hatchback and Sports Tourer, as well as the more recent OPC performance variant, but there’s one more model in the works that’s destined to be the most exciting and extreme. The model in question is a new coupe variant based on 2007’s stunning Gran Turismo Coupe (GTC) concept car.

    This computer generated rendering gives us a good indication as to what the new model will likely look like, suggesting the dramatic styling of the original GTC concept will be toned down significantly. Don’t despair, as some of the concept’s aggression will be... We’ve already seen Opel expand its Insignia lineup with the Hatchback and Sports Tourer, as well as the more recent OPC performance variant, but there’s one more model in the works that’s destined to be the most exciting and extreme. The model in question is a new coupe variant based on 2007’s stunning Gran Turismo Coupe (GTC) concept car. This computer generated rendering gives us a good indication as to what the new model will likely look like, suggesting the dramatic styling of the original GTC concept will be toned down significantly. Don’t despair, as some of the concept’s aggression will be reserved for a high-performance OPC version of the Insignia Coupe packing the same 325hp (242kW) turbocharged 2.8L V6 engine as the Sedan. Another cool feature will be Opel’s new ‘HiPerStrut’ (High Performance Strut) front suspension system, as well as an electronic limited slip differential. The HiPerStrut system will be unique to the OPC model and serves two primary functions: firstly, to reduce torque-steer, but also to maintain negative camber during cornering, thereby improving grip levels in wet or dry conditions. Lesser models will borrow other powerplants from the Insignia range, including four-cylinder and V6 options. Diesel engines may also be offered, as well as an EcoFLEX version, though this latter option is unlikely to make production due to low demand. Given its current ‘sale’ status, Opel’s priorities right now lie in finding a suitable buyer for the brand but once the dust settles work on the new Insignia Coupe will continue. Expect its launch to fall late in 2011 or early 2012.2009 Opel InsigniaOpel Insignia Coupe preview Read More

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