10,500 jobs could go at GM Europe

Canadian car parts manufacturer Magna may cut as many as 10,500 jobs at Opel and Vauxhall in Europe.

The cuts could take more than a year to implement, said Magna’s co-chief executive Siegfried Wolf in Frankfurt.

He added that about 4,000 of the total number of job losses would be made in Germany, where Opel has four plants.

General Motors (GM) said last week it had agreed to sell 55% of its European units Opel and Vauxhall to Magna, with a further 10% going to workers.

Magna was Germany’s preferred bidder. The total job losses in Germany are in line with what was previously estimated when Magna first outlined its bid for Opel in May.