After successfully bidding for Opel Auto, the operation of Magna International attracted external attention. Yesterday, James Jim Tobin, President of Magna International Asia and Vice President of Business Development, told the Shanghai Securities News that Magna International will continue to focus on auto parts business after the Russian Federation’s acquisition of Opel Automobile. The new Opel decides for itself. Future operation. Magna International will only send executives to the new Opel.
In September, with the approval of General Motors and Opel Trust, Magna and the Russian Federation will respectively invest 250 million euros in the new Opel. The German government will provide 1.5 billion euros in transition loans to help the new Opel get out of trouble.
After the news came out, the outside world once believed that Magna International would take the production of parts and components into the list of finished vehicles. Yesterday, James Jim Tobin, President of Magna International Asia and Vice President of Business Development, denied this. “The focus of Magna International is still the parts and components industry. The specifics of how the new Opel will be developed are determined by the new Opel management. Opel was rescued because General Motors and Magna International had 52 years of friendship and many business contacts, and once Opel Automobile went bankrupt, some of Magna's factories in Europe may also be in bankruptcy. Conversely, if Opel Automotive or General Motors The automobile can quickly survive the financial crisis and restore the state of the past, which also helps safeguard the interests of Magna International."
Magna chairman Frank Stunak said earlier, "After the successful completion of the acquisition of Opel, Magna will build an appropriate 'firewall' to ensure that Opel and Magna's current automotive parts business Completely separated, Magna customers' confidential and proprietary information are fully protected.†In the spare parts business, Magna International will vigorously expand emerging markets such as China and Russia.
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