General Motors (GM) has announced it will be making a massive investment worth billions of dollars in Opel and Vauxhall.
The company revealed it will be investing $5.2 billion (£3.4 billion) in Opel, which wears the Vauxhall badge in the UK, sparking speculation it might be preparing a sale.
But this was immediately rebuffed by GM's chief executive Dan Akerson, who stated the investment comes as GM wants to retain a strong presence in the European market.
"Opel is key to our success and enjoys the full support of its parent company," he said.
The chief executive highlighted the fact that the US parent company is "fully supportive of the Opel turnaround plan". GM has been covering Opel's losses in recent years.
On the back of GM's renewed commitment to Opel and the European markets, its share price saw a slight rise on the Nasdaq index.
At 15:40 GMT, its stocks were trading at 27.93, a rise of 1.44 per cent on the start of trading.
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