German solar energy company offers to buy Opel from GM
General Motors CEO Rick Wagoner has already stated that the only brand in his company's portfolio up for sale is HUMMER, but apparently this hasn't stopped interested parties from making their play for other marques under the General's umbrella. News broke today that German solar energy company SolarWorld has offered GM nearly $1.3 billion USD for the Opel brand that's sold exclusively in Europe. Broken down by Euros, SolarWorld is offering 250 million euros cash and another 750 million in bank credits. In return it wants Opel's four production plants and research center in Ruesselsheim, as well as rights to the Opel name and all that. A few other conditions that make the proposal extremely improbable are a complete break from GM and compensation payments of 40,000 euros per Opel worker for a total of 1 billion euros. So GM would basically get a billion euros for the sale of Opel and have to pay it all right back in compensation payments. Hmmm...
SolarWorld's angle here is to break off Opel from GM completely and attempt to create the world's first, true green car company. Without the economies of scale that come with being part of the GM fold, we suspect SolarWorld wouldn't get very far on its own. This deal is so far out of whack, one analyst remarked that he checked his calendar to see if it were April 1. While GM is certainly in dire straits, the world's largest automaker has already made it clear that Opel is not for sale, and if it were, we doubt this offer would even be considered. Thanks for the tip, everyone!
[Source: Yahoo! News]
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Reader Comments (Page 1 of 2)
Torrent 2:59PM (11/19/2008)
NO!! WE NEED SOME GOOD SATURN PRODUCTS
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easyrider425 5:02PM (11/19/2008)
More importantly Opel = GM Europe
Opel is one of the largest brands in the old world, and this would be a huge loss. Sure they could rebadge Opels as Vauxhalls but I'm sure few Germans are familiar with Vauxhall.
LMBVette 3:00PM (11/19/2008)
If GM could actually get 1 billion for Opel in real dollars...I have no doubt they'd sell it.
They then could re-introduce Chevrolet in Europe so that they can expand Chevy as world-wide brand. They could then sell the Opels as rebadged Chevys.
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Flea 5:26PM (11/19/2008)
they ARE selling Chevrolets in Europe...and rebadged Daewoos.
Here in Italy we consider a Fiat a "normal" car, while most Chevies are seen as their "cheap, badly outfitted, oversized" counterpart from America...
Opel on the other hand sells astras and such like hotcakes, selling it would be blindingly stupid.
Tam 3:01PM (11/19/2008)
"the world's first, true green car company"
'Cuz Tesla makes nothing but smog-belching gas-guzzlers?
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Erik 3:51AM (11/20/2008)
We aren't seeing any Tesla over here in Europe... What American car makers should think about is why most European car brands are sold worldwide (apart from the states where german brand are sold) and American cars are rather niche brands outside the states... I guess Americans have a total different view on how a car should be made and I can only say that today the way they are made is very unappealing to most non-US would-be costumers...
In fact the legislation in the States, I think isn't any tighter as such it's just different and kept different in order to protect the innermarket. If for instance you only look at the environemental issues: American cars usually are fuel-consuming monsters when you compare them to there European/Asian counterparts... I always find it strange for instance when I read here in Autoblog that a lot of Americans -when replying to posts on new European cars- are always saying these cars are underpowered and they should put a V6 or V8 powerunit in them, yet speedlimits in Europe are in all countries much higher than they are in the States. I for instance drive per year 60000 km with a four-in-line 2.2L Hdi Bi-turbo Citroen C6 on German highways whithout a speed limit and do that easily together with fellow Audi/BMW/VW/Opel-drivers at 200 km/h (130 mph). Why would I drive a more fuel-consuming car to do the same? Could anyone explain that to me? Or is it just me making a senseless remark?
From My Cube 3:02PM (11/19/2008)
GM id also like to make you an offer....one (1) left shoe and a 100% stake in an island I own off the coast Dumbass
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Fkgfa 3:05PM (11/19/2008)
If they sell Opel, it will be a giant mistake. Opel is now producing great cars, as Opel Insignia shows. They have finally turned Opel to right direction. That all would be wasted and for what money?
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halogenrep 3:22PM (11/19/2008)
GM's brands are a bunch of craps nobody wants.
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ronEbear 3:30PM (11/19/2008)
Including Americans, the country that is home base.
valkyrite 3:29PM (11/19/2008)
There is no point selling Opel.
Opel is profitable and very recently Opel Insignia won European car of the year award.
Opel is GM's brand for Europe. Selling Opel would mean GM quitting the EU market, which is not a good long term strategy.
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twonius 3:31PM (11/19/2008)
Wanna be radical? Buy Hummer and make the world's greenest SUV. You can make serious margin if you can manage to squeeze 40mpg while meeting US emissions standards.
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jamie 3:49PM (11/19/2008)
40 mpg is so lame.
AFS Trinity has a SUV that gets 150 mpg!!!
The L.A. AutoShow wouldn't let them preview it next to the major brands, but relegated it to a basement corner. Trinity has since said they will show their vehicle elsewhere.
Could be Detroit is really worried this guy has something they really want and need, but are afraid to ask.
http://www.afstrinity.com/press-release-1-13-08.html
Pan_theFrog 10:14PM (12/02/2008)
There is already someone converting Hummers to biodiesel. In the process he doubles the mpg and ups the torque.
The Govenor of CA whose name I can't spell has one. The same guy got Neil Young's 5,000lb 1959 Lincoln to get around 50mpg on biodiesel before Neil decided to pursue an all electric 100mpge goal.
montoym 8:20PM (11/19/2008)
That's nothing new.
Reading the press release, it's basically a Volt(same idea anyhow) wrapped in an older Saturn Vue body. Similar mpg and range figures as well.
40miles on electric only, then the gas engine kicks in to give it an additional 400miles of range. Which means it has about a 13.5gal. fuel tank(400/30mpg) compared to the Volt's approx. 8gal. tank. It appears to be actually driven by the gas motor though rather than all electric like the Volt.
Their claim for 150mpg comes from 6 days of driving 40 miles/day on electric only(240miles) plus a Sunday drive of 100miles. During that 100miles, the first 40 would be electric leaving 60miles on gas @ 30mpg which equals 2 gallons used. That 2 gallons took the car 340miles effectively which equals 170mpg that they trim to 150mpg to cover differing driving habits.
Plus, that's assuming that the EPA tests these vehicles the same way they test all vehicles now which is still being debated due to the Volt potentially recieving 100+mpg ratings.
So, it's a plug-in hybrid SUV, not necessarily ground breaking technology there. I can see why they didn't place them next to the major manufacturers.
Still, it's a decent idea and one I think we will see more of in the coming years. But, why did they use an SUV in the first palce? Seems they could have achieved even better mpg figures using a vehicle that got more than 30mpg from the gas engine and had better aerodynamics. Might have increased the electric range as well.
They are also quite vague with the info on the website, even on the pages that go into detail about how it all works. That might also have precluded them from being featured at the show. Makes it all kind of seem a little unrealistic without some technical data to back it all up.
twonius 3:54AM (11/20/2008)
I think its smart. People will pay more for a larger car, so there's more margin in there to cover the expensive batteries etc. Also the crossovers don't weigh too much more than a conventional car, so they'd be easier to get the electric range with.
Starting with a smaller car would've just been a "me too" plug-in prius built the hard way.
Mike L. 3:32PM (11/19/2008)
Probably not for sale. I believe all GM's 4 cyl engines (Ecotec) come from Opel.
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Swede 3:42PM (11/19/2008)
There is much lobbying at the moment to save Opel from GM's "imminent death". The state department of Hesse have put forward a loan guarantee of €500 million and the federal state is contemplating the €1 billion loan Opel requests, the sole obstacle is how to secure that GM does not leech away the funds to the US. As we know, the germans are fiercly protective of their automotive industry so I'm quite sure Opel will get it's billion eventually.
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jamie 4:01PM (11/19/2008)
If the Fed and the DET3 do not come terms before the end of the week, I rather suspect the American auto industry is finished.
Automakers have always followed the dollar trail. If Germany is offering help, then Opel will survive.
Also Canada just announced aid for the Big 3. Could be all of our Cadillacs, Buicks, Pontiacs and Chevrolets may end up being manufactured in Canada.
Canada's government says it will provide further support for auto sector
http://biz.yahoo.com/ap/081119/canada_auto_sector.html?.v=1
Now that has a nice twist to it, doesn't it? GM could set up shop in Canada and Mexico; and say goodbye to the UAW and all of the General's dealers and operations in the US which would file for CH 7 bankruptcy.
elprogramer 7:35PM (11/19/2008)
^You're insane/ignorant. The CAW is much worse; militant and uncooperative.