Magna won’t be able to sell cars in the U.S. and China
Frank Stronach, Magna International’s chairman, recently told reporters present at a news conference in Ottawa that the agreement they signed with GM prevents Opel’s new owner from selling vehicles in the United States. When reporters asked, he said that applies to China too, he said yes but added that the situation in China might change in the upcoming years. “Yes, for the moment, but keep in mind that General Motors — we’ve been working together for 50 years, we’ve been great partners, and they still own 35 percent (of Opel).”
Stronach added that he expects Opel to break even in three years, and to turn a profit in four, also announcing that Magna won’t probably buy Saturn and Saab too (GM looking to sell these two brands too). “We have to digest Opel now, and we have got a mouthful, so we’ll see how quickly that will take place,” he said.
[Source: Reuters]
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