Poll: Next big "green" powertrain
What will be the next big "green" powertrain in the U.S.?
Germany Agrees with Magna to Save Opel
German government and Magna-led consortium have reached an agreement that could rescue ailing German carmaker Opel and save as many European jobs as possible.Under the agreement, Magna will take a 20 percent stake in Opel and the Russian-owned Sberbank will take a 35 percent stake, giving their consortium a majority. GM will retain a 35 percent holding, while the remaining 10 percent will go to Opel employees.
The deal, spearheaded by Magna and backed by Russia's state-controlled Sberbank, will see Russian automaker GAZ making Opel vehicles in Russia, as well as maintain Opel and Vauxhall production elsewhere in Europe.
Opel and sister brand Vauxhall also have operations in Belgium, Spain and Poland among other countries.
As part of the deal, all four factories in Germany will remain in operation, although Magna has said previously it will need to shed some 2,500 jobs.
The German government and several state governments will provide a euro1.5 billion ($2.1 billion) bridge loan, part of which will be available immediately.
Subscribe to the RSS feed for more information on green cars, green car news & green car technologies.
Recharge your electric car wherever you want. Certified by all brands!
- Geneva 2008: New Diesel Engines for Ford Mondeo, Ford S-MAX and Ford Galaxy
- MIT Scientists Find New Way to Generate Electricity
- Coskata Opens Semi-Commercial Feedstock Flexible Ethanol Facility
- High Performance, 92 Mpg High Mileage 3 Wheel Sport Car
- SolarCity, Rabobank to Build Fast-Charge Electric Car Charging Corridor