SolarWorld submits bid for car maker GM's four German factories

SolarWorld to bid for Opel car factories

19 Nov 2008

Frank Asbeck, CEO, SolarWorld

Solar development company SolarWorld is to submit an offer to the US car manufacturer General Motors to take over the four German factories and the Ruesselheim development centre of Adam Opel, according to the company. SolarWorld, which has so far been exclusively involved in solar power technology, would subsequently develop Opel into the first ‘green’ European automotive group, the company said.

SolarWorld is able to offer €250m cash and €750m bank credit lines, with a requirement for the complete separation of Opel from the GM Group.

SolarWorld would continue the development of the current model ranges as well as produce a new generation of low-emissions, energy-efficient vehicles at the four Opel sites.

According to SolarWorld, the group has already been working for some years on the development and testing of electric drive vehicles that are propelled by solar energy.

SolarWorld chairman and CEO Frank Asbeck, said, ‘Sustainability is a comprehensive concept. The challenges of climate protection and of the market can only be met if we move on from automotiveto solar-motive concepts.’

Two years ago SolarWorld took over the solar division of the Shell Group with a compensation payment of €100m.

Tags: motoring, solar