Adam Opel GmbH, an aging European subsidiary of the General Motors Co. (NYSE: GM), is hoping Chinese sales will be a panacea for miserable performance in the European market, Reuters reported Friday.
Opel's CEO Karl-Friedrich Stracke told a German newspaper the company hoped to increase its Chinese sales 600 percent in the coming year -- to a modest 30,000 cars, according to Reuters. Opel sold just 5,000 cars in China last year. The company is also planning to initiate sales in Australia beginning in the fourth quarter.
During the last 10 years, GM's European unit has lost some $14 billion, according to the report, although those losses cannot be attributed solely to Opel because the unit also includes component manufacturing and the now-defunct and sold Saab.
Detroit-based GM's shares closed up 0.92 percent to $22.05 on Friday.