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Tuesday, January 15, 2013

GM defends Opel plan based on new models, steady cuts, (NYSE: F)

General Motors Co vowed to stick with a gradual approach to Opel restructuring despite mounting skepticism about its chances and signs of French pressure for a more transformative tie-up with PSA Peugeot Citroen.A day after GM was forced to deny reports it was preparing to offload its European division to Peugeot, the U.S. automaker sought to change the subject by wheeling out more vehicles at the Detroit auto show."Getting the story off the front page ... is incredibly important," said Tim Lee, GM's international operations chief and an Opel board member. "It's all about the cars."Unlike U.S. rival Ford Motor Co, which is closing three plants to halt European losses, GM says immediate headline-grabbing closures aren't going to fix its problems in the region. It has pledged to break even in Europe around 2015 and shutter a German factory two years later.

Ford Motor Company (Ford) is a producer of cars and trucks. Shares of F traded higher by 2.22% or $0.31/share to $14.30. In the past year, the shares have traded as low as $8.82 and as high as $14.08. On average, 52475000 shares of F exchange hands on a given day and today's volume is recorded at 55394748.