Future Prospects for Opel

• GM Board of Directors recommends Magna as investor
• Opel Trust supports recommendation
• Opel Supervisory Board Chairman Forster thanks government representatives

Rüsselsheim. Opel has reached an important milestone on the way to becoming a new, more independent company. At its meeting yesterday, the GM Board has decided to recommend the Canadian-Austrian Magna group as the new investor and majority owner of the automaker.

The Opel Trust, comprised of GM and German government representatives, today also announced its support for this recommendation.

The ultimate implementation of this solution still requires substantial efforts from all sides, in order to get binding contracts signed.

“We are happy that this solution has been found following intensive talks, and are looking forward to our collaboration,” says Opel Supervisory Board Chairman Carl-Peter Forster. “With Magna we have a partner who knows the automotive business and who offers our company excellent future prospects. Particularly the connection to the Russian partners GAZ and Sberbank offers Opel new opportunities in the eastern European markets.”

Supervisory Board Chairman Forster thanks politicians

Carl-Peter Forster again underlined the special situation Opel was in as a 100 percent subsidiary of the American General Motors Group. In spite of a promising product portfolio, the brand with a long tradition needed support due to its parent company’s bankruptcy. “We know that this was a special and very complicated case. We will prove ourselves worthy of this support and pay back the bridge loan as well as any government guarantees following a clearly defined repayment plan.”

What was very encouraging was the fact that German customers remained faithful to Opel during this critical time, with the brand increasing sales by nearly 30 percent in the first half of the year. Opel solidified its position as the second-strongest brand on the market with a share of 8.7 percent. Following the Insignia’s resounding success – 150,000 units were sold in just one year – the new, highly anticipated Astra will be launched at the upcoming Frankfurt Motor Show. The next-generation Meriva, Europe’s most successful compact minivan, will be introduced next year.

Forster thanked the politicians involved for their support, “We know that this assistance is decisive for the survival of our company. So I thank you on behalf of the many thousand Opel employees, our dealers, suppliers and business partners. After months of uncertainty, we can now look to the future. It’s an opportunity we will proudly use.”

Technological ties to GM will continue to be used intensively

The Chairman of the Supervisory Board made very clear that the global technological ties to General Motors will remain in place. This collaboration has proven itself and secures important economies of scale and resources for Opel. Opel will continue to benefit from GM’s global purchasing organization. Vehicles like the Opel Ampera – a ground-breaking electric car with extended range of up to 500 kilometers whose market launch is planned for 2011 – can only be brought to production readiness together.

Forster points out the need to stay realistic amidst the enthusiasm about the new path the company has taken. “We are very confident, as we not only have the right cars, we also have employees who are totally committed to making Opel successful. However, we shouldn’t forget that we still have restructuring measures ahead of us. They are necessary to achieve the groundwork for an Opel organization that is profitable in the long term.”

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