Instead GM will focus its efforts more on the Opel and Vauxhall brands whilst tailoring the Chevrolet's 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.’

In October, Chevrolet Europe announced a price reduction for its Volt extended range electric vehicle to €38,000 (£32,200) in Germany, a reduction of over €4,000 (£3,400). The move came as GM reduced the price of the Chevrolet Volt and Vauxhall/Opel Ampera in markets across the world due to a more streamlined production process and economies of scale.