Rebadging Daewoo-built vehicles as Chevrolets in western Europe will cost General Motors Europe tens of millions of euros while it struggles to reverse losses, reports Automotive News Europe.

The report says that immediate costs for the January 1 changeover are new signs and related expenses for 1,800 dealers, but there will also be costs associated with discounting Daewoo stock and building Chevrolet brand awareness.

The report adds that discounts to sell leftover Daewoos are said to be as high as E1,500. Financing these incentives could cost GM as much as E37 million, ANE said.

GM Europe CEO Fritz Henderson said last month that he would be happy if GME operating losses this year were no worse than $100 million the report said.

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