Vauxhall expects profit
Vauxhall has stated that it expects to make a profit from the new product ranges and the company’s scheduled restructure.
Vauxhall has withdrawn its £270m UK government loan request for the restructure however, saying it will fund it internally instead.
The decision to ‘move on’ comes as the guaranteed loans from the UK and Spain were reported to be ‘more complex’ than first thought. It is believed that the restructure will go ahead sooner now the company is funding it internally.
Vauxhalls new product range includes the market-leading Astra which is produced at the Ellesmere Port plant in Cheshire. The Vauxhall Ampera is also expected to be built at Ellesmere Port when it is released in 2012.
General Motors Europe president Nick Reilly says: “We are grateful for the decision and support of our parent company, which will allow us to move forward with confidence."
“With these new products and the restructuring, we expect to return to profitability shortly."