FRANKFURT (Reuters) -- General Motors executives said they remained committed to meeting their goal of reaching profitability in Europe by 2016, brushing aside concerns that a downturn in Russia could put their goal at risk.
"We are confident about reaching our goal," Opel CEO Karl-Thomas Neumann told journalists at the Frankfurt auto show on Tuesday.
In July, GM warned its European employees the Opel and Vauxhall brands were still posting significant losses, and meeting its goal of returning to profit by next year would be difficult given the crisis in Russia and the eurozone.
But GM President Dan Ammann said on Tuesday that the launch of a new Opel Astra would help boost sales.
"There's a lot to love about it and this will support Opel as we move into profitability next year, which we're absolutely committed to doing," Ammann told Reuters TV.
"We're on track. There's a lot of work to do but we're on track and we're gonna do it."
GM Europe has pared losses in recent months, reporting a second-quarter loss of $45 million, vs. a $305 million loss a year earlier.
Opel/Vauxhall sales rose 6.2 percent to 627,093 through August in EU and EFTA countries, according to data from industry body ACEA. The overall market rose 8.6 percent in the same period.