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The automotive manufacturer, General Motors, have reported huge losses in Europe in 2011. The US based carmaker, which was faced with bankruptcy only two years ago saw sales rise 7.6% over 2011 in North America, up 62% from 2010. But its European operations, which include UK-based Vauxhall plants in Ellesmere Port and Luton lost $7.6bn, roughly £4.85bn. In South America, the company made a loss of $100m.

The company’s growth has mainly been seen in North America, where profits have tripled to £7.19bn in 2011.

Despite the losses in Europe, this is a considerable improvement from the situation General Motors was in a few years ago. In 2008, the company was assisted with a $50bn bailout from President Obama’s administration; as a result the US government now owns 32% of the firm.

General Motors’ UK operations include 4,500 staff, and they make the Vauxhall Astra van, estate cars and hatchback.

The Chief financial officer of General Motors, Dan Ammann, said: "Behind the scenes, we are working hard to eliminate complexity and cost throughout the organization to increase margins in all of our regions and return Europe and South America to profitability."

He has not commented whether this would lead to job cuts within the company.

Source:  http://www.bbc.co.uk/news/business-17062698

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