GM to close Russian plant and wind down Opel brand

GM to close Russian Plant: The US Car giant General Motors today announced that it is to mothball its plant in St. Petersburg and wind down production of its Opel brand. In a move aimed at cutting its losses in a market where February sales of new cars fell by 38% year-on-year, it also announced that it was to stop assembling Chevrolets  at the GAZ  plant this year as well. “This decision avoids significant investment into a market that has very challenging long-term prospects….We do not have the appropriate localisation level for important vehicles built in Russia and the market environment does not justify further major investment,” GM President Dan Ammann and Opel Group CEO Karl-Thomas Neumann said in a joint statement.