MUNICH -- Opel/Vauxhall CEO Karl-Friedrich Stracke wants the General Motors Co. division to hit 1 billion euro ($1.33 billion) annual profit five years from now.
"My vision is as follows - Opel/Vauxhall will make a profit of 1 billion euros from 2016, a return on sales of 5 percent and have a market share of 8.5 percent in Europe," the Opel Post employee newsletter reported Stracke as saying at a management meeting in Munich.
Stracke said he aimed to achieve the goal by boosting new-car sales and cutting costs.
Opel's market share was 7.3 percent in EU and EFTA countries for the first 10 months, according to industry association ACEA, up from 7.2 percent in the same period in 2010.
Opel wants to gain market share in 2012 and will bring 30 new or refreshed vehicles to market by 2014 to rejuvenate its product lineup, Stracke said.
Opel will aim to boost fleet sales in Germany, while its UK unit Vauxhall will target more sales to private customers, he said.
The division will also seek to increase exports outside Europe to new markets including Australia and Chile.
In Russia, Opel wants to to increase its market share to 5 percent from 3 percent "in the foreseeable future," the CEO said.
GM has said it is looking at measures to cut costs at Opel, which may include job cuts and plant closures. Stracke made no mention of such measures.
In November, GM dropped its 2011 breakeven target for Opel after announcing a $300 million third-quarter loss for its European operations.
The U.S. automaker hasn't produced an annual profit in Europe in more than 10 years and its European operations lost $1.6 billion last year.
Reuters contributed to this story