Car Manufacturer Opel Continues Positive Trend

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

Opel is making great strides out of the crisis. The European business of GM came in the third quarter only on a minus of 145 million euros.

The car manufacturer Opel has taken another step on the way out of the crisis. In the third quarter, the US parent company General Motors wrote an operating loss of around 200 million dollars (145 million euros) in Europe, as GM reported in Detroit on Wednesday. In the same period last year, Opel had made a loss of just under half a billion dollars. For the first time in a long time, quarterly sales in Europe rose again, from $ 4.7 billion in the previous year to now $ 4.86 billion.

The goal of profitability is getting closer

However, GM had only lost $ 110 million in Europe in the second quarter of 2013. Overall, Opel and its British sister brand Vauxhall are getting closer to CEO Karl-Thomas Neumann's goal of making money again by the middle of the decade.

GM was able to expand its business worldwide. Sales rose 4 percent to $ 39.0 billion, not least thanks to the continued flourishing domestic market. Operating profit also increased. The bottom line was that the company didn't even get half as much out of $ 698 million as in the same period last year. The reason was, on the one hand, a higher tax burden and, on the other hand, the buyback of own preference shares. (dpa)