Dan Akerson says that GM is now profitable in all of its regional units including Europe

Article by Christian A., on September 29, 2011

At Bloomberg's Dealmakers Summit in New York, General Motors Co. CEO Dan Akerson announced that it has become profitable in all its regional units. He said that in its initial public offering last year, the company’s global presence had played a big factor.

He said that it has become clear that GM made the right decision in walking away from a deal to sell its European Opel unit in 2009. Akerson explained that it was a “bad deal” to give Europe away.

Since 1999, GM’s losses in Europe have totaled to $14.5 billion. In 2009, GM had agreed to sell 55% of Adam Opel GmbH to Magna International Inc. and partner OAO Sberbank.

At the Frankfurt Motor Show, Nick Reilly, president of GM Europe, told reporters that what GM aims to achieve in Europe is to be “profitable by just better than break-even before restructuring charges.”

Reilly said that there won’t be restructuring charges in 2012 and that the company will receive the “full 12 month benefit of the restructuring” that has been done. Akerson attended the gathering along with JPMorgan Chase & Co. Vice Chairman James Lee. JPMorgan, Morgan Stanley, Bank of America Corp. and Citigroup Inc. led the GM IPO.

Topics: dan akerson, gm, europe

If you liked the article, share on:

Comments

Recommended

The BMW 7 Series is already highly sought after but nonetheless, the German marque is giving it a more exclusive variant for the Russian market, and they are calling it...
by - October 20, 2017
Several automakers including Porsche, Volkswagen, Smart and even Land Rover have all been victimized by cheap Chinese copycats. And if you haven’t seen it yet, the most recent one would...
by - October 20, 2017
The Mercedes-Benz G-Class has been around for quite some time now but to bid it farewell, the company has launched the Mercedes-AMG G65 Final Edition. Mercedes will only build a...
by - October 20, 2017
Have you ever wondered what you can you buy with $9,365 in your pocket? Well, you have quite a lot of options. In fact, you can even purchase a used...
by - October 20, 2017
The Audi A7 Sportback, whether you would like to call it a sportback or a four-door coupe, has always been a beautiful car. And this week, the 2019 model year...
by - October 20, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries