Opel CEO says tough to reach break-even in 2016

General Motors’ Opel is having a hard time to reach profitable success this year because of the impact of Britain’s choice to leave the European Union, President Karl-Thomas Neumann stated.

“The exit from Russia was actually painful. Brexit is yet another problem to deal with which is why the path toward breakeven is tough for us,” Neumann informed at a conference in Berlin on Wednesday.

Opel, which consists of British brand name Vauxhall, in 2015 shut its Russian factory in response to the country’s falling automobile market.

General Motors reported its first quarterly profit in Europe in five years in the April-to-June duration, however has alerted that currency and market disruptions caused by Brexit might cut $400 million from second-half results in Europe.