German Solar Company Offers GM â‚¬1 Billion
Will Bail-out Prevent Development of Greener Cars?
The German company SolarWorld, offered approx. 1 billion euros (US $ 1.3 billion) in cash and credit for the German assets of Adam Opel GmbH, a unit of General Motors Corp (GM) Wednesday. General Motors European spokesperson Karin Kirchner stated that "Opel is not for sale" and declined further comment.
Well, that may depend on whether GM gets the bail-out they are looking for.First Green European Car Company
SolarWorld is bidding for the four German Opel plants as well as the company's development center in Ruesselsheim (which has worked on the Chevy Volt) and the deal would be contingent upon GM completely exiting the company. SolarWorld said it would develop a new generation of energy efficient vehicles alongside current successful Opel products. " the traditional German auto builder would offer in future especially electric and hybrid automobiles and the newest technology combining extended-range electric and combustion motors highly efficiently," SolarWorld said.
On Monday, Opel Supervisory Board Chief Klaus Franz and other GM officials met with the German government to discuss a one billion euro loan guarantee. Chancellor Angela Merkel said her government would decide by year's end depending upon how the situation unfolds at GM. SolarWorld also wants a one-time billion euro compensation payment, or approx. 40,000 euros per worker and German Federal guarantees for their loans.
If everything lines up, SolarWorld may be the white knight, or in this case the green knight, that the German GM daughter needs to get out from under the struggling American behemoth. The end-point of the political negotiations could be the first green European car company arising from the ashes of GM
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