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GM plays down £185m Vauxhall loss

Vauxhall reported big losses last year, after a cost cutting project has failed for a third year to turn the carmaker around, according to accounts filed at Companies House.

Kevin Wale, managing director, took a £99,500 pay cut, as operating losses soared 55% to £185m, reports the Financial Times.

Wale who left in May to run GM’s Shanghai business, was partially compensated for the pay cut through shares from a long-term bonus scheme worth £67,847.

GM tried to play down the loss, saying Vauxhall was now an “integrated” part of its European division. This includes Saab in Sweden and Opel in Germany.

“The Vauxhall figures should be seen in conjunction with the accounts of GM Europe,” the company said.

GM lost £419m last year up from £163m the previous year.

The company is currently in the process of cutting 12,000 European jobs.

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