Staff and wire reports
March 18, 2015 – 9:10 am ET
General Motors’ Opel division will exit the plunging Russian market and abandon production at its plant in St. Petersburg by the end of the year.
In addition, Chevrolet will scale back its presence in Russia, selling “iconic” U.S.-built models such as the Corvette, Camaro and Tahoe.
GM’s new strategy in Russia will focus on selling premium Chevrolet and Cadillac vehicles.
GM President Dan Ammann, in a statement, said, “This change in our business model in Russia is part of our global strategy to ensure long-term sustainability in markets where we operate. This decision avoids significant investment into a market that has very challenging long-term prospects.”
