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General Motors to withdraw Chevrolet brand from Europe | General Motors to withdraw Chevrolet brand from Europe |
(about 2 hours later) | |
General Motors, the US car giant, has said it plans to withdraw its Chevrolet brand from Europe and concentrate more on its Opel and Vauxhall brands. | General Motors, the US car giant, has said it plans to withdraw its Chevrolet brand from Europe and concentrate more on its Opel and Vauxhall brands. |
The withdrawal will begin from 2016, the company said. | The withdrawal will begin from 2016, the company said. |
Chevrolet would no longer have a "mainstream presence" in the region, largely thanks to "the difficult economic situation", GM said. | Chevrolet would no longer have a "mainstream presence" in the region, largely thanks to "the difficult economic situation", GM said. |
But "iconic vehicles", such as the Corvette, would continue to be sold and it would retain a presence in Russia. | But "iconic vehicles", such as the Corvette, would continue to be sold and it would retain a presence in Russia. |
In 2012, Chevrolet sold 195,000 cars and SUVs (sport utility vehicles) in western and central Europe, followed by a further 137,000 in the first 10 months of 2013. | In 2012, Chevrolet sold 195,000 cars and SUVs (sport utility vehicles) in western and central Europe, followed by a further 137,000 in the first 10 months of 2013. |
But it has been losing money in the region, where a mature and saturated car market, coupled with a fragile economy, has stifled growth. | But it has been losing money in the region, where a mature and saturated car market, coupled with a fragile economy, has stifled growth. |
GM chief executive Dan Akerson said the decision would "allow us to focus our investments where the opportunity for growth is greatest". | GM chief executive Dan Akerson said the decision would "allow us to focus our investments where the opportunity for growth is greatest". |
This meant focusing on Opel and Vauxhall and expanding its Cadillac brand in Europe, he said. | This meant focusing on Opel and Vauxhall and expanding its Cadillac brand in Europe, he said. |
"Europe is a key region for GM," he added. | "Europe is a key region for GM," he added. |
Most of the Chevrolet models sold in Europe are produced in South Korea. | Most of the Chevrolet models sold in Europe are produced in South Korea. |
GM said it would focus on profitability, cost management and maximising sales throughout its Korean operations. | GM said it would focus on profitability, cost management and maximising sales throughout its Korean operations. |
Buoyant UK market | Buoyant UK market |
While the car market in continental Europe may be stagnating, the picture in the UK seems markedly different. | While the car market in continental Europe may be stagnating, the picture in the UK seems markedly different. |
New car registrations rose 7% in November to 159,581 units, the month's best performance since 2004, the Society of Motor Manufacturers and Traders (SMMT) reported. | New car registrations rose 7% in November to 159,581 units, the month's best performance since 2004, the Society of Motor Manufacturers and Traders (SMMT) reported. |
More than 2.1 million cars have been registered in the year-to-date, up 9.9% and already ahead of 2012's full-year figure. | More than 2.1 million cars have been registered in the year-to-date, up 9.9% and already ahead of 2012's full-year figure. |
The SMMT is forecasting 2.25 million registrations for 2013. | The SMMT is forecasting 2.25 million registrations for 2013. |
Chief executive Mike Hawkes said the figures represented "a tremendous success for the industry". | Chief executive Mike Hawkes said the figures represented "a tremendous success for the industry". |
Ford's global ambitions | |
Meanwhile, GM's competitor, Ford, unveiled its latest Mustang sports car. | |
Mustangs have not been officially available to overseas buyers since 1979. But in a departure from tradition, Ford said it was a "world car" that would be made available in Europe and China. | |
The car, which celebrates its 50th anniversary next year, is what is known as a "halo car" - meant to lure car buyers to the Ford brand if not to a Mustang in particular. | |
Although other iconic US sports cars, like GM's Corvette, have not found much success overseas, analysts are optimistic that the Mustang could appeal to Chinese buyers in particular. | |
"The Chinese have a good feeling about American vehicles and Ford's doing extremely well in China," Edmunds.com senior analyst Michele Krebs told the BBC. |
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