GM Europe “almost out of cash”

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General Motors Europe will run out of money in the second quarter unless European governments come quickly to the company’s aid, Chief Operating Officer Fritz Henderson said.

Henderson also said GM is willing to give up majority ownership of Opel, the German brand it has owned since 1929.

“There are no options off the table. We have to be open to legitimate interest,” Henderson said at the Geneva auto show.

General Motors Europe is also considering closing factories in Europe but is months away from a decision, the carmaker’s top European executive said.

GM Europe president Carl Peter Forster said: “We have massive over-capacity in the industry in Europe and we have to adjust and take some of that capacity out. Closing a plant is a logical solution, but we have agreed with labor representatives to look at alternative routes.”

Source: Automotive News