Updated from 1:45 a.m. EST
said Tuesday it would triple its funding for the turnaround of its Opel and Vauxhall divisions in Europe to 1.9 billion euros ($2.57 billion).
GM's original pledge was 600 million euros. It also sought 2.7 billion euros from European governments for Opel and Vauxhall's restructuring.
GM said Tuesday its requested total of loan guarantees from European governments will decline to under 2 billion euros.
"It is of vital importance for GM to demonstrate our commitment for our European operations," said Ed Whitacre, GM chairman and CEO, in a statement. "Beyond the purely financial aspects, we see this as a major step towards instilling renewed trust and confidence into Opel/Vauxhall's customers, employees, business partners, unions, dealers and European governments."
Separately, a report says
is likely to announce Tuesday a revamp of its sales and marketing operations in an attempt to revive growth and gain market share in North America, a report says.
Meanwhile, the automaker said it would recall 1.3 million compact Chevrolet and Pontiac vehicles in the U.S., Canada and Mexico to fix problems with power steering motors.
GM said the recall affects Chevrolet Cobalts from 2005 to 2010; Pontiac G5s from 2007 to 2010; 2006 Pontiac Pursuits sold in Canada; and 2005 and 2006 Pontiac G4s sold in Mexico.
Wall Street Journal
, citing a source familiar with the matter, reports that Mark Reuss, president of GM North America, will take direct responsibility for sales in the region. Susan Docherty, the vice president who was earlier in charge of sales in the region, will see her role limited to marketing.
The changes comes as Whitacre, who took over as CEO in December, is of the view that rising revenue and market share are key requirements to return GM to profitability, the
GM has been losing market share in North America as it has slashed the number of brands it offers to four from eight and closed down about 2,000 dealers.
GM and other carmakers, such as
, are set to report February vehicle sales Tuesday. During January, GM had vehicle sales growth of 14%, while Ford sales increased 25%.
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