Opel CEO Says Aims To Become No.2 Brand In Europe By 2022


General Motors' (NYSE:GM) Opel wants to overtake Peugeot to become the second-largest carmaker in Europe by 2022, the European business's chief executive said on Tuesday.

"Why aim only for a turnaround by 2016 if we can go further and say we want to be number two in Europe by 2022," Karl-Thomas Neumann said at the Geneva motor show, adding that 2014 would be a difficult year, burdened by the cost of closing a factory in Bochum, Germany.

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Opel's market share in Europe was 7.4 percent in February, Neumann said, suggesting a gain from its market share in 2013 which was at seven percent.

Opel expects slight growth in the market for passenger cars in Europe this year.

"We want to grow faster than the market, to gain market share," Neumann said.