Opel reveals the newest Corsa -- which could come to the U.S., according to a senior Opel exec..

It’s one of the best-known nameplates in Europe, but few Americans know the “blitz,” the lightning-strike logo of German-based Opel.  But that could be about to change, says a senior executive with the General Motors subsidiary.

The brand’s chief counsel apparently sees an opportunity to sell Opel’s fuel efficient small cars to increasingly mileage-sensitive American motorists.  The move could help the struggling Opel overcoming a decade’s worth of financial problems – and prevent the rumored GM plan to sell off the floundering marque.

There’s just one problem, industry analysts warn: at the current exchange rate, the dollar is worth less than 0.7 Euros, which makes it extremely difficult to turn a profit importing luxury cars from Europe, never mind econoboxes like the Opel Corsa.

“The brand had a good reputation in the United States,” Opel Chief Counsel Klaus Franz told the Stuttgart-based Auto Motor und Sport.

He said a study is already underway and that the new model could come to the States by 2013 under the nameplates Junior or Allegra.

There are those who would argue just how good the Opel reputation is in the U.S. – among the relatively few motorists who might still remember models like the little Opel GT sports car that were imported during the 1960s and early 1970s.  Indeed, the brand left the States not only because of exchange rate problems but also due to quality issues.

Opel did stage a quiet return, several years ago, the Saturn brand briefly selling a version of the little Astra model – which former GM car czar Bob Lutz later admitted was a “mistake” because those pesky exchange rates required Saturn to market the otherwise well-reviewed model for significantly more than competing products.

The timing of Franz’s comments is curious.  Earlier this month, TheDetroitBureau.com reported on mounting rumors that a frustrated GM CEO Dan Akerson has begun looking at options that would include selling off the long-troubled Opel, which continually misses its turnaround targets.  (Click Here for more.)

GM came close to selling off a controlling stake in Opel to a Canadian-Russian consortium headed by mega-supplier Magna International, two years ago.  But the deal was scrapped late in 2009 and appears to have been one of the sticking points that led to the ouster of former General Motors CEO Fritz Henderson.

There’s no question GM is looking at its options, and that it’s frustrated by not just the slow turnaround of the Opel brand but also the recalcitrance of German union IG Mettal.

Notably, GM CEO Akerson recently announced that Chevrolet and Cadillac will become the maker’s two primary global brands.  An earlier strategy had positioned Opel as the worldwide lead.

Another question is whether GM would now want to add another brand in the U.S. after abandoning four North American marques after its emergence from bankruptcy, in 2009.  Opel and Chevy are available side-by-side in some markets, however, including China and nearby Mexico.  Meanwhile, though it still holds a small share, Chevy has become the fastest-growing mainstream brand in Europe in recent years.

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