14 Votes

Boost it!

Germany to consider loan guarantees for Opel

1UAW submitted on 11/16/2008 Official Bell & Ross Timestamp: 4:14:58 AM

13 user comments | Category: Spy News | Source: | SOURCE: www.marketwatch.com

According to the weekly magazine Focus to be published Monday, Opel needs EUR2 billion, which General Motors can't provide.


It said the federal government would be prepared to guarantee EUR1 billion and the states of Hesse, North Rhine-Westphalia, Rhineland-Palatinate and Thuringia, where Opel has plants, would cover the second EUR1 billion.
Finance Minister Peter Steinbrueck, speaking from the Group of 20 summit in Washington, confirmed the talks to German media late Friday.

Read Article

About the Author

1UAW

http://www.youtube.com/watch?v=4ALMAntCNC4

— 1UAW (View Profile)


User Comments

91z4me

The comments should be real interesting here.

— 91z4me (View Profile)

Posted on 11/16/2008 9:59:23 AM | reply to this comment | Votes: 1   

toolatetorace

I tink this country bettr investigate thismatter seeing that they were so nosy about the talk about this country in the GM bailout

— toolatetorace (View Profile)

Posted on 11/16/2008 10:00:56 AM | reply to this comment | Votes: 0   

TECHGEEK

I "tink" you should learn to tell Germany apart from the EU - The EU's voice is not necessarily the Germans' voice

— TECHGEEK (View Profile)

Posted on 11/16/2008 12:50:05 PM | | Votes: 2   

mpls

If Japan did that for one of its own, that would have been classified as protectionism.. and unfair competition..

— mpls (View Profile)

Posted on 11/16/2008 1:25:28 PM | reply to this comment | Votes: -1   

91z4me

Instead they just don't allow other manufacturers to sell vehicles there. Also they tax cars out the butt once they are a few years old to force people into buying new cars instead of keeping older ones.

— 91z4me (View Profile)

Posted on 11/16/2008 3:44:10 PM | | Votes: 3   

agent507

Opel belongs to GM, so it really is not a bailout for a "german" car company.

— agent507 (View Profile)

Posted on 11/17/2008 3:00:15 AM | reply to this comment | Votes: 1   

1UAW

But its a bailout for German workers, taxes,and the surrounding communitys, a point that people in the US just dont get there hate blinds them of crisis ahead.

— 1UAW (View Profile)

Posted on 11/17/2008 10:43:06 AM | | Votes: 1   

mpls

91z4me...

You have no idea,, how come BMWs , Mercs do well ?.. some people drive.. Japan builds plants in the markets thell sell.. If GM, Ford were serious about sellig in Japan, would they setup a plant in Japan.. Go somehwere like Korea, don't they all drive Korean cars.. Go to Germany, aren't erhy mainly german cars..The exception is USA, where they are open to all sorts.. so yes, if you complain about Japan, then Europe to, otherwise companies like GM, Ford deserve what hey get..

— mpls (View Profile)

Posted on 11/17/2008 3:01:05 AM | reply to this comment | Votes: 0   

XYZZ


true.

plus, why would foreigners care much for buying detroit junk, when even americans eschew them!?

— XYZZ (View Profile)

Posted on 11/17/2008 6:03:34 AM | | Votes: 0   

1UAW

You cant just go to Japan and say i want to build a plant and sell your people my cars, they wont let you. Unlike the US Japan highly protects its industries, they know how lucritive the business is the US just dont get it.

— 1UAW (View Profile)

Posted on 11/17/2008 10:46:15 AM | | Votes: 2   

Willis

"If GM, Ford were serious about sellig in Japan, would they setup a plant in Japan."


Are YOU serious? That comment shows that you don't examine the whole picture. GM and Ford products won't sell well in Japan in the first place. GM and Ford know this. They are being serious. And being serious also means being SMART and staying out of Japan. It's better to ship a few hundred / thousand models over than set up a factory that will produce cars for a market with a low demand in American automotive products.

— Willis (View Profile)

Posted on 11/17/2008 12:20:03 PM | | Votes: 3   

ktu01

I found the second half of this quote in the article interesting:

"General Motors, meanwhile, is threatened by a looming liquidity crisis and has also asked the U.S. government for aid. According to the weekly Der Spiegel, also to be published Monday, it owes Opel billions of dollars."

How come GM owes Opel money if Opel is a subsidiary of GM? My only guess is that GM has been leveraging Opel developments and services more heavily than anticipated, or the return from those products is not enough to offset the development / manufacturing cost Opel is incurring for GM (i.e. engineering platforms, the Ecotec engine lineup, supplying Saturn...).

That's only my guess... thoughts anyone?

— ktu01 (View Profile)

Posted on 11/18/2008 3:04:09 AM | reply to this comment | Votes: 1   

Add your Comments

Images hosted in your AgentSpace can now be posted in the comments section using the following syntax (case matters): [img]IMAGE URL[/img]
Example: [img]http://agent001.myautospies.com/images/sample.jpg[/img]

Submit an article

Register to vote, post articles, write comments, and interact with fellow auto enthusiasts.

Photo Galleries

2010 Chicago Auto Show

AutoSpies presents the best Auto Show Photos, Automotive Videos, Car Reviews and Hot Rides. Detroit Auto Show

Cars

Autoshows

More photo galleries