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General Motors Exits Australia, New Zealand and Thailand

© AP Photo / David MariuzHolden cars parade through the streets of Adelaide, Australia
Holden cars parade through the streets of Adelaide, Australia - Sputnik International
The US-based car-producing giant said in a statement on Sunday that it was scaling down its sales, engineering and design capacities in Australia, New Zealand and Thailand. Markets in these nations have not produced an adequate return on investment, according to a General Motors (GM) statement.

The move is a part of the company's 'comprehensive strategy' outlined five years ago to "strengthen its core business, drive significant cost efficiencies and take action in markets that cannot earn an adequate return for its shareholders", according to GM.

“We are restructuring our international operations, focusing on markets where we have the right strategies to drive robust returns, and prioritizing global investments that will drive growth in the future of mobility, especially in the areas of EVs and AVs. While these actions support our global strategy, we understand that they impact people who have contributed so much to our company. We will support our people, our customers and our partners, to ensure an orderly and respectful transition in the impacted markets”, GM chairman and CEO, Mary Barra, said in the statement.

According to the document, GM will "retire" its Holden brand in Australia by next year, focusing company strategy "for the market on the GM specialty vehicle business".

A line of Hummer vehicles for sale at a Hummer dealership in Los Gatos, Calif., Wednesday, March 31, 2004. Dealers say Hummers averages 8 to 10 miles per gallon. Crude oil prices recently reached a 14-year high, and gasoline prices are expected to average a record $1.83 this spring. The private Lundberg Survey put gas prices nationally this week at $1.80 a gallon and more than $2 a gallon in some areas. With fuel costs already at uncomfortable levels for consumers, OPEC took a step that could push prices even higher by announcing Wednesday that it would cut its crude oil production target by 4 percent. - Sputnik International
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GM emphasized in the statement that the company would also sell its Rayong factory in Thailand, to China's Great Wall Motors, withdrawing the Chevrolet brand from the nation by the end of 2020.

According to GM President Mark Reuss, the company "explored a range of options to continue Holden operations, but none could overcome the challenges of the investments needed for the highly fragmented right-hand-drive market".

GM assured that it will continue running market warranties while providing service and parts for customers.

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