Opel to withdraw loan requests
Vauxhall andOpel have withdrawn their offers for aid from the European government. They claim the reason for the dropped request is down to long delays.
In a statement, the GM brands said that their request for £1.5 billion in aid has been withdrawn, but money is still needed. Instead of asking for help, GM said it would fund the restructuring itself.
"GM’s recently improved financial strength has been a catalyst for making this decision," the carmaker said in a statement, adding that it expected to return to profitability "shortly".
GM Europe president Nick Reilly said: “"We cannot afford to have uncertain funding plans and new time-consuming complex negotiations at this time when we need to keep investing in new products and technologies."
Just weeks ago, Germany rejected a loan request to Opel, while the UK government is still looking into £275 of loans.