Opel market share slips despite strong revenue growth

The Irish arm of motors giant General Motors, which is responsible for Opel vehicles here, saw turnover rise by €11 million in 2014.

Accounts just filed for 2014 record turnover of €99.1 million. With increased distribution and administrative expenses, pretax profits slipped €1,000 to €509,000.

Operating profit was €516,000, down from €537,000 in 2013. Staff numbers increased significantly, with the addition of 63 new administration staff bringing the total employed at the firm to 99. As a result, wages and salaries rose 57 per cent to €6 million.

The directors' report expresses confidence that a major product offensive involving 27 new models and 17 new engines introduced by 2018 across Europe will "retain our loyal customers and introduce new customers to the Opel brand".

It notes that, due to a reduction in the overall number of vehicles on our roads, parts sales were €10.2 million, down 5 per cent on 2013.

The directors set a medium-term objective of securing 8 per cent of the new car market and 5 per cent market share of new commercial vehicles.

General Motors Irish business ended 2014 with a 6.4 per cent share on sales of 4,251 cars. Since then, however, while volumes have increased – 4,781 in 2015 and 5,680 to June this year – the company's market share has gone down.

Last year, it finished with market share of 5.8 per cent and in the first six months of this year, that had dipped again to 5.6 per cent.