General Motors restructures its global business shutting down Australian iconic car Holden brand
) said it would wind down its Australian and New Zealand operations and sell a Thai plant in the latest restructuring of its global business, costing the U.S. auto maker $1.1 billion.
GM has forecast a flat profit for 2020 after a difficult 2019, and is facing ballooning interest in electric car rival Tesla Inc . In 2017, she sold GM’s European Opel and Vauxhall businesses to Peugeot SA and exited South Africa and other African markets. Since then, Barra has decided to pull GM out of Vietnam, Indonesia and India.Like Britain, Australia and New Zealand are right-hand drive markets. With sales of GM’s Australian Holden brand plummeting, the company could not justify the investment to continue building right-hand drive vehicles, GM President Mark Reuss said.
FILE PHOTO: A logo of General Motors is pictured at its plant in Silao, in Guanajuato state, Mexico, November 9, 2017. REUTERS/Edgard Garrido/File Photo “There is no choice, if we don’t go global, we will not survive,” Wei Jianjun, chairman of the Baoding-based automaker, said last year when Great Wall opened a plant in Russia.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
GM plans to pull out of Australia, New Zealand and ThailandDETROIT (AP) — 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. The...
Les mer »
GM plans to pull out of Australia, New Zealand and ThailandGeneral 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.
Les mer »
GM Sends an Australian Icon—Its Holden Brand—to the JunkyardGM will stop selling and designing Holden vehicles in Australia and New Zealand by 2021, marking the end of a brand that began in the 1850s as a leather and saddle company and has been part of GM for almost a century.
Les mer »
General Motors to wind down Australia, NZ operations, sell Thai plant to Great WallGeneral Motors to wind down Australia, New Zealand operations, sell Thailand plant via HilaryRuss
Les mer »
General Motors to wind down Australia, NZ operations, sell Thailand plantIn rearranging its global operations, GM is accelerating its retreat from unprofitable markets, becoming more dependent on the United States, China, Latin America and South Korea.
Les mer »
Great Wall says to buy GM's Thailand car plantChina's Great Wall Motor said on Monday it had signed a binding...
Les mer »