Your number one source for car news, autosport news and the latest developments in green technology!

Opel to receive £3.4bn GM investment

GM to invest €4 billion to safeguard Opel's future

Funding will be used to develop new models and engines as part of Drive 2022 plan

GM has cemented its commitment to Vauxhall and Opel by announcing a €4bn (£3.4bn) investment in Germany and Europe.

The decision comes following a meeting in Russelheim between GM and Vauxhall Opel directors on the progress of the firm’s Drive 2022 project, which aims to return Opel to profitability by 2016.

The new investment will accelerate continued development of new models, with 23 planned launches by 2016. The Drive 2022 initiative will see the introduction of 13 new powertrains, the first of which are offered in the Vauxhall Cascada.

Commenting on the decision, GM CEO Dan Akerson said: “Opel is key to our success and enjoys its parent company’s full support.” Opel’s supervisory board chairman Steve Girsky added: “The GM board of directors is here to underline its solidarity… this partnership is stronger than it has ever been.”

Matt Bird