Opel CEO Thomas Sedran has revealed the company intends to overtake Ford and become Europe's second largest automaker.

Opel CEO Thomas Sedran has revealed the company intends to overtake Ford and become Europe's second largest automaker.

In order to meet this ambitious goal, Sedran promised to invest billions into new models and engines. The executive also wants to improve the company's image and launch new vehicles in growing segments.

Sedran went on to dismiss rumors that General Motors is looking to eliminate the brand by saying "Opel is genuinely involved in the global GM organization" and is important to the company's product development.

Regardless, Opel faces an uphill battle as the European economy remains unstable. The company's sales have also been on the decline as their market share has shrunk to 7.5 percent which is 0.7 percent behind Ford.

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Opel aims to overtake Ford in Europe, plans ambitious growth with new models