Auto Industry, Opel | featured news

That sound you heard from Detroit this morning was the other shoe dropping, loudly, at Opel. General Motors announced that Karl-Friedrich Stracke stepped down from his positions as GM Europe president Opel/Vauxhall CEO.

General Motors and Canadian auto parts group Magna International have reached an agreement in principle that could rescue ailing German carmaker Opel, sources close to the negotiations said on Friday.

The Italian carmaker that just took over Chrysler is in talks to buy GM's European operations.

General Motors Corp is prepared to part with a controlling stake in Opel/Vauxhall for nothing but a pledge to invest directly in a new company formed from its European operations, the Financial Times said on Sunday, citing two people familiar with its plans.