The end is nigh for Chevrolet. GM will pull the brand in the UK and Europe by the end of 2015 so that it can focus on its Vauxhall and Opel brands. A Chevrolet spokesman confirmed the news that a European withdrawal includes the UK.
Although Chevrolet is on the chopping block, relegating its presence to Russia and the US, General Motors said it will leave behind “iconic” cars like the Corvette.
“Europe is a key region for GM that will benefit from a stronger Opel and Vauxhall and further emphasis on Cadillac,” General Motors Chairman and CEO Dan Akerson explained in a statement. “For Chevrolet, it will allow us to focus our investments where the opportunity for growth is greatest.”
The latest earnings report from General Motors said that Opel and Vauxhall accounted for 64 per cent of all sales in Europe, equalling 249,000 vehicles sold. Chevrolet, meanwhile, saw 138,000 vehicles sold over the three month period ending on September 30th ─ 35.6 per cent of European sales.
Failure to build up significant market share and poor financial performance have been touted as key reasons for the exit. Some critics have speculated the recent agreement between General Motors and PSA Peugeot Citroen played its role, but the GM vice president said the decision was made independently.
General Motors will reportedly honour its contracts with Chevrolet dealerships across Europe.