GM's Holden to stop making cars in Australia
Posted: Sun Dec 15, 2013 1:23 am
Holden, a subsidiary of General Motors (GM), has said it will stop making cars in Australia by the end of 2017.Full article here
The move will result in nearly 2,900 people losing their jobs.
The firm said a strong Australian currency, high manufacturing costs and a small domestic market were among the reasons behind its decision.
Holden, which has made cars in Australia for nearly 65 years, will retain its sales unit and a parts distribution centre in Australia.
"The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country," GM chief executive Dan Akerson said in a statement.
"This includes the sustained strength of the Australian dollar, high cost of production, small domestic market and arguably the most competitive and fragmented auto market in the world."