General Motors’ Opel/Vauxhall unit, expressing frustration with the slow pace of government decision making, said Wednesday it was no longer seeking aid from European countries and would finance a five-year, new-product drive with help from the parent company.
Germany’s federal government last week turned down Opel’s request for €1.1 billion, or $1.4 billion, in loan guarantees, amid a drive to cut government spending in response to Europe’s debt crisis.
Opel’s plans call for an investment of €11 billion over five years in developing new products and for restructuring. Though the company might still have won backing from German states that have Opel factories, as well as Spain and Britain, the company said it could not afford to spend months in negotiations.
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