CORRECTED-GM to drop Chevy brand in Europe by end 2015 to focus on Opel
(Corrects net special charges range in seventh paragraph to $700 mln-$1 bln from $750 mln-$1 bln)
FRANKFURT Dec 5 (Reuters) - General Motors will drop the use of the Chevrolet brand in Europe by end 2015, Stephen J. Girsky, Vice Chairman at General Motors, said on Thursday.
The move forms the latest effort by General Motors to turn around its European operations and to focus its resources on reviving the Opel brand.
"We have growing confidence in the Opel and Vauxhall brands in Europe. We are focusing our resources in mainstream Europe," Girsky said.
The decision to drop the Chevy brand is not influenced by a partnership General Motors has with French partner Peugeot , Girsky said.
"This is done independent of the PSA relationship," he said.
"Basically (we will) shut away the 1 percent share company in Europe. The financial results have been unacceptable," he said on a call with journalists, referring to Chevrolet's market share in Europe.
General Motors expects to record net special charges of $700 million to $1 billion primarily in the fourth quarter of 2013 and continuing in the first half of 2014, Girsky said.
Thomas Sedran, President of Chevrolet Europe, said, "Chevrolet's business results have been impacted by the unfavourable economic environment in Europe." (Reporting by Edward Taylor and Arno Schuetze; editing by Victoria Bryan and Tom Pfeiffer)