Instead GM will focus its efforts more on the Opel and Vauxhall brands whilst tailoring the Chevrolet its presence to offering select ‘iconic’ vehicles – such as the Corvette – in Western and Eastern Europe.

Chevrolet will also continue to have a broad presence in Russia and the Commonwealth of Independent States where GM said the three brands are clearly defined and distinguished and, as a result, are more competitive within their respective segments.

GM also announced that Cadillac, which is finalising plans for expanding in the European market, will enhance and expand its distribution network over the next three years as it prepares for numerous product introductions.

‘Europe is a key region for GM that will benefit from a stronger Opel and Vauxhall and further emphasis on Cadillac,’ said GM Chairman and CEO Dan Akerson. ‘For Chevrolet, it will allow us to focus our investments where the opportunity for growth is greatest.’

‘This is a win for all four brands. It’s especially positive for car buyers throughout Europe, who will be able to purchase vehicles from well-defined, vibrant GM brands,’ Akerson said.

‘Our customers can rest assured that we will continue to provide warranty, parts and services for their Chevrolet vehicles, and for vehicles purchased between now and the end of 2015,’ said Thomas Sedran, president and managing director of Chevrolet Europe. ‘We want to thank our customers and dealers for their loyalty to the Chevrolet brand here in Europe.’

Most of the Chevrolet models sold in Western and Eastern Europe are produced in South Korea, with GM saying that it will look to become more competitive in Korea and increase its focus on driving profitability, managing costs and maximizing sales opportunities in its Korean operations

GM Korea president and CEO Sergio Rocha added: ‘In doing so, we will position ourselves for long-term competitiveness and sustainability in the best interests of our employees, customers and stakeholders, while remaining a significant contributor to GM’s global business.’