Chevrolet to exit Europe

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General Motors (GM), the top US automaker, plans to cut jobs in South Korea next year as it pulls its Chevrolet brand from the European market, a GM spokesman said on Tuesday.

GM announced in early December it would largely withdraw its Chevy brand from the European market by 2016, citing the "difficult economic situation" on the continent.

Instead, it plans to concentrate on marketing its German-made Opel vehicles and its British sister brand Vauxhall, and in coming years push its luxury Cadillac models.