General Motors says it's pulling out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don't produce adequate returns on investments, dismaying officials concerned over job losses.
General Motors’ decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don’t produce adequate returns on investments raised dismay Monday from officials concerned over job losses.
Great Wall Motors, a major maker of sport utility vehicles and pickups, said it intends to expand in Southeast Asia using the plant as its base.“We will also promote the development of the local supply chain, research and development and related industries, plus contribute more to the exchequer of both the local Rayong and Thailand governments,” said Great Wall’s vice president for global strategy, Liu Xiangshang.
GM has struggled in Asia in the last year. Its international operations, which include China, lost $200 million last year, including $100 million in the fourth quarter. “We are pursuing a niche presence by selling profitable high-end imported vehicles supported by a lean GM structure,” International Operations Senior Vice President Julian Blissett said in the statement.
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