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Speaking to reporters during a conference call on Saturday, GM's newly appointed President of its European operations, Nick Reilly, made several statements concerning the present and future of Opel / Vauxhall. Among other things, Reilly, who is also in charged for Chevrolet Europe, said that a new mini car is a top priority for Opel / Vauxhall and that the Ampera hybrid (Opel's version of the Chevy Volt) will be manufactured at some point in Europe.

In regards to the financial aid for Opel / Vauxhall, Reilly said that while GM has sufficient money in the U.S, it cannot spend a significant amount on its European operations for a number of reasons including that much of that money will be used for Delphi and completing restructuring in the States, and of course, to pay back the government loans.

Reilly added that GM expects to get financial support from most European governments for Opel / Vauxhall and that the company would be "disappointed" if Germany is the only country which does not participate.

According to reports, GM's restructuring plan includes 8,500 job cuts from its 50,000-strong European workforce in order to return to profitability by 2012.

*Pictured above: Opel Trixx Concept

Statements by Nick Reilly, President, GM Europe:

On his President, GM Europe title:

"The reason for the GME President title is because we want to be consistent. We have three Presidents in our organization going forward: one for North America, one International (AP & LAAM) and one for Europe. We will not have a return to the former GME organization. There will be two organizations in Europe: Opel/Vauxhall and Chevrolet Europe. I will be accountable for both, run Opel/Vauxhall while Wayne Brannon will continue to be in charge of Chevrolet Europe." (As background, Wayne Brannon reported to Nick Reilly in the past when he was GMIO President and will continue to do that now as President GM Europe.)

On the question of an Opel/Vauxhall CEO:

"I will be CEO, so we have called off the search. I will also be responsible for other GM business in Europe."

On the Opel / Vauxhall management team:

"I will be announcing a new management team next week, but I won't comment on any individuals at the moment."

On the Opel/Vauxhall product portfolio:

I see gaps which need to be filled. Opel needs a mini; that will be our top priority. I want to clarify that we will also need to continue with light commercial vehicles, that is a reasonable share of our business.

On alternative powertrain technology:

"We can take advantage of global technology and look at introducing hybrids. Ampera will be manufactured in Europe. Initially, the car will be imported from the US, but long-term, we are looking for a local source. Ellesmere Port is one of the candidates, but there are others. Also, we will look at battery technology. Electric vehicles will increase the focus on that."

On Friday's meeting in Brussels:

"It was a positive meeting. We need €3.3 billion in total of which €1 billion is for restructuring. The rest primarily will be for investments in new products. We expect to lose money in 2010, so we will need some support to get through next year. I am not sure when a decision will be made, but I've been getting positive responses. The aid will be in line with national and EU rules. No date on when to expect a decision."

On the need for government support:

"There is a belief out there that GM has sufficient money in the U.S. that it can spend in Europe. That is not the case. Much of that money will be needed for Delphi and completing restructuring in the US. We also have some of that money in an escrow account for disasters in the US and we can't touch that.

Third, the US market remains depressed and we have to have some money to get us through 2011. We also need to to the US government. Finally the money is US taxpayer money. We can use some of it outside of the US but not all."

On government support from Germany:

"We've prepared an application for the German government. They were willing to support Magna deal, so we expect some support for our plan. Financial aid is no different from other car companies in the US or Japan or other European countries.

I am optimistic they will come forth with aid … but regardless, the German government decision will not lead to more or fewer lay-offs in Germany. The expectation is that we will get financial support from most European governments. We would be disappointed if Germany is the only country which does not participate."

On the Antwerp facility:

"Until we finalize our discussions, we won't make any comments. We will and are looking for alternatives. But bear in mind, we must reduce capacity and we must reduce structural costs. We had plans and an agreement in place, but some plans can't come true in view of the changing business environment. You see in the U.S. how many plants had to be shut down – and there were probably product plans for each one of them. To be sustainable, we must reduce capacity."

On timing:

"We hope to make an announcement in the next 2-3 weeks. Anticipate before the end of the year or possibly beginning of next year."

On alleged export restrictions for Opel:

"Let me be quite clear. Opel has no restrictions for exporting. It already has a small but loyal business in China. It attempted to sell in India, but didn't build the necessary reputation, was losing money and pulled out. Same with Japan.

The key is, if a good brand can make money what would stop us from exporting? We will look at opportunities market by market. If it requires building the brand, that is very difficult to do. We will not enter into an export program just to add volume. We must be able to make money; otherwise we won't do it."

General Motors confirmed today that it will assemble the North American-spec 2011 Buick Regal at its Oshawa Car Assembly plant in Canada with production set to commence in the first quarter 2011. The all-new Buick Regal is scheduled to go on sale in the States next Spring, with first year models to be built alongside its Opel Insignia twin at GM's Opel plant in Russelsheim, Germany.

"The new Regal gives Buick a modern performance sedan and its production here in Oshawa is terrific news for our employees, the CAW, dealers and suppliers," said Arturo Elias, president, General Motors of Canada.

"Combining Buick's top position in the industry in terms of brand quality with the Oshawa Car Plant's long-standing reputation for top quality assembly means customers' highest expectations will be met with this midsize sport sedan."

The new Buick Regal mid-size sedan joins the Chevy Camaro and Equinox, and the GMC Terrain as the fourth new vehicle in the production commitment that was part of the agreement with the Canadian and Ontario Governments. GM said that a fifth vehicle to be added in the near future.

In a strange turn of events, GM today announced that the company's Board of Directors decided to terminate the sale process of Opel to a Russian-backed group led by Magna and keep the European unit under its control. The U.S. automaker said that it took this decision because of an "improving business environment for GM over the past few months" as well as the importance of the Opel/Vauxhall brands to the firm's global strategy.

GM's president and CEO Fritz Henderson said in a prepared statement that the company will present its restructuring plan for its European division to Germany and other governments and hopes for its favorable consideration. The U.S. automaker anticipates that the restructuring of Opel will cost around €3 billion, or about $4.4 billion at today's exchange rates.

"While strained, the business environment in Europe has improved." Henderson said. "At the same time, GM's overall financial health and stability have improved significantly over the past few months, giving us confidence that the European business can be successfully restructured. We are grateful for the hard work of the German and other EU governments in navigating this difficult economic period. We're also appreciative of the effort put forward by Magna and its partners in Russia in trying to reach an equitable agreement."

Siegfried Wolf, Magna's Co-Chief Executive Officer stated: "We understand that the Board concluded that it was in GM's best interests to retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months."

So, what do you think about GM's decision to retain Opel and ditch Magna and it's Russian financers, will it be beneficial for both parties in the long run? Let us know what you think by leaving us a comment after the jump.

General Motors' European division Opel and its sister company Vauxhall have revealed the revised 2010 Corsa that's scheduled to go on sale in mainland Europe early next year and in the UK, from April. If you're looking at the photos to discover what's new about the 2010 Corsa, you'd better stop because Opel/Vauxhall didn't change a thing on the vehicle's exterior and interior design. Instead, the firm's engineers focused on improving the subcompact hatch's powertrains and handling characteristics.

The company claims the it has managed to reduce average consumption by 13.2 per cent across the range (excluding the OPC / VXR model) with 5 out of 6 engines emitting less than 125g/km.

The most fuel efficient model of the range is the new 1.3 CDTI 95HP diesel ecoFLEX model, which achieves 76.3mpg UK (63.5mpg US or 3.7lt /100km) on the combined cycle and 88.3mpg (73.5mpg US or 3.2lt /100km) on the extra urban cycle).

The diesel range also comprises of a 75HP version of the same 1.3 CDTi that emits 114g/km of CO2, and a more powerful 1.7 CDTi which now produces 130HP, yet drops 12g/km in CO2 emissions.

The tweaked 1.0-litre petrol engine gains an additional 5HP for a total of 65HP while CO2 emissions drop to 117g/km. The 1.2-litre petrol also gets a 5HP boost to 85HP while the 1.4-litre petrol now produces 100HP instead of 90HP and returns 51.4mpg (42.8mpg US or 5.4lt /100km), up from the current model's 46.3mpg.

In addition, most models in the range get a new eco gearshift indicator housed within the instrument cluster.

Complementing the powertrain upgrades is a revised chassis with new set-ups for the steering and suspension systems.

The automaker's engineers added softer springs in the front suspension, mated to an anti-roll bar with new bushes and an increased diameter to improve ride and control characteristics. Furthermore, the 2010 Corsa also gets revised damper settings all round, an optional re-tuned ESP system and enhanced steering geometry.

As far as the Vauxhall-badged version of the Corsa is concerned, the new model gains additional standard features such as cruise control and an on-board computer on the SE, SXi and SRi trim levels while the SRi, which starts at a lower price point, gets revised suspension settings, air conditioning, 17-inch five-spoke alloy wheels, and a VXR styling kit fitted as standard.

On-the-road prices for the 2010 Corsa in the UK start from £10,285 for the 1.0-liter 65HP ecoFLEX model and top off at £17,155 for the sporty 1.6-liter Turbo VXR.

In a strange turn of events (though some might rightfully disagree....), GM today announced that the company's Board of Directors decided to terminate the sale process of Opel to a Russian-backed group led by Magna and keep the European unit under its control. The U.S. automaker said that it took this decision because of an "improving business environment for GM over the past few months" as well as the importance of the Opel/Vauxhall brands to the firm's global strategy.

GM's president and CEO Fritz Henderson said in a prepared statement that the company will present its restructuring plan for its European division to Germany and other governments and hopes for its favorable consideration. The U.S. automaker anticipates that the restructuring of Opel will cost around €3 billion, or about $4.4 billion at today's exchange rates.

"While strained, the business environment in Europe has improved." Henderson said. "At the same time, GM's overall financial health and stability have improved significantly over the past few months, giving us confidence that the European business can be successfully restructured. We are grateful for the hard work of the German and other EU governments in navigating this difficult economic period. We're also appreciative of the effort put forward by Magna and its partners in Russia in trying to reach an equitable agreement."

Siegfried Wolf, Magna's Co-Chief Executive Officer stated: "We understand that the Board concluded that it was in GM's best interests to retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months."

So, what do you think about GM's decision to retain Opel and ditch Magna and it's Russian financers, will it be beneficial for both parties in the long run? Let us know what you think by leaving us a comment after the jump.

Source Carscoop