General Motors received a setback Tuesday in its effort to secure €1.1 billion in German aid for its money-losing Opel unit after a government panel declined to endorse the request. The government-appointed group of outside advisers took a “very critical attitude” on G.M.’s application for the aid, valued at $1.3 billion, Economy Minister Rainer Brüderle said at a news briefing. “The advisory panel’s recommendation will carry major weight for the further decision-making process.”
“We cannot possibly tell the people, ‘You have to put up with higher costs while we’re propping up a company like G.M. that is perfectly able to cope by itself,”’ said Michael Fuchs, an alternate member of the Committee on Economics and Technology in Parliament from Mrs. Merkel’s party. “I don’t expect the government to grant aid.”
Bimmerfest 2010 Photo Gallery
2011 Porsche Cayenne USA Launch
2011 BMW New Product Showcase
2011 BMW 5-Series USA Production Photo Gallery
Read Article