GM to drop Chevy brand in Europe

A symbol as American as baseball and apple pie is getting the cold shoulder in Europe.

The world's second-largest carmaker General Motors (NYSE: GM) will drop the Chevrolet brand and its familiar bowtie symbol from the European market by the end of 2015. GM failed to build a significant maket share in the region.

According to a Reuters report, GM said the decision would result in one-time charges of up to $1 billion, but it should lead to production, marketing and distribution savings. The company will focus instead on its Opel and Vauxhall lines to try to return to profitability there.

GM reintroduced the brand to the European market in 2005.

Read more from Reuters.