GM cutting around 10,000 jobs at Opel

Berlin, Nov 5: In a bid to cut costs by 30 per cent, General Motors will be eliminating around 10,000 jobs at its European division Opel.

On Wednesday, Nov 4, GM vice president John Smith told reporters that the auto giant will be cutting around 10,000 jobs from a workforce of 55,000 at Opel.

This comes a day after the auto giant announced that it was scrapping plans to sell the German-based unit.

Saying that it would be implementing its own restructuring measures, GM on Tuesday, Nov 3 said it will not be selling Opel to Canadian auto parts manufacturer Magna International and state-owned Russian bank Sberbank.

This news was not received well in Germany. While half of work force is employed at this unit, the government was also supporting the Magna-Sberbank deal as it would save a lot of jobs.

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