General Motors Set To Unveil Huge Losses
21.05.12
Sky News has learned the European arm of General Motors will announce big losses on Thursday, sparking fears jobs could be axed.
General Motors (GM) has 10 manufacturing plants across Europe where it employs tens of thousands of workers.
These include the Vauxhall factory at Ellesmere Port in Cheshire, which makes the Astra and has 2,100 staff.
There is also a Vauxhall plant at Luton where commercial vehicles are made. It has a workforce of 1,200.
GM Europe is expected to unveil losses of around $1bn (£637m) when it files its annual report on Thursday.
Its US parent General Motors is reportedly aiming to reduce capacity across Europe by around 400,000 cars a year - the equivalent of two factories' output.
However, it is not certain at this stage that any plants will close.
Sky News has learned the chairman of Opel, Steve Girsky, met Business Secretary Vince Cable and the head of the Unite union, Len McCluskey, "a few weeks ago" to tell them of the company's plans.
Source: Isle of Wight Radio