) 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.
““See, I will make you small among the nations; you will be utterly despised.” -Obadiah 1:2 (NIV) Donald Trump 666.
Retiring an icon of Australia...its f..king bulls..t!!!🤬
Meanwhile, the COALition continues to give billions to their friends the miners...
A sad day for General Motors. They will be out of the Australian market. The gap will be filled by Asian companies. PMScottMorrison
No shit, Sherlock. You give a company tax breaks with no strings attached, they're going to do whatever gives their shareholders the highest short-term payout. Spare the false outrage. You absolutely knew this.
Keep politicians accountable
Australia pm Canada needs your advise on foreign corporations policies and privatization scams that out source jobs which hurt a country and its citizens global poverty is not sustainable or ethical business practices
Forgot to add the part where the government gloated that they could stop financing automakers that reside within Australia and that they would just take it. Oops. GM axed all right-drive production, and it will probably suffer for it, but it is ultimately not just their fault.
Corporations are driven by profit. Expecting anything other than the pursuit of profit from them is foolish
Good ol’ corporate greed
'Diamond Princess is COVID-19 mill. How I got in the ship and was removed from it within one day. - YouTube' By Prof. Kentaro Iwata M.D., Kobe Univ. Hospital
Holdens was a way forward after ww2 to Repay the USA for War Materials and logistics most have totally forgotten that by all Australian Governments the people and the Unions. Holdens was never meant to be profitable the 2 billion paying back for the help the USA gave Australia
Listen to his last sentence, 'it tells you all you need to know about the success of those policies'. Want to know how to even the playing field? Tariffs on companies that import from communist threats, and/or nations that 'compete' on devalued currency and low wages alone.
Yep. Out of right hand drives altogether. If they cant make a profit in Thailand, then elsewhere is problematic.
Chinese,brutal,prey on all kinds of animals (alive),insects, birds,(I saw a video, a Chinese eats live mice,they eat the children of their foreheads, placed in a refrigerator,a Chinese who cut and fried the child,and presented him to a Chinese in a restaurant and ate it Very wild
The Chinese are afraid of the truth, I just say to the Chinese who committed the crime of burning Australia and killing billions of animals, that there are no facts to hide, and the days to come, criminals.
Who's going to break it to him that they killed Pontiac and Oldsmobile too?
Chinese,brutal,prey on all kinds of animals (alive),insects, birds,(I saw a video, a Chinese eats live mice,they eat the children of their foreheads, placed in a refrigerator,a Chinese who cut and fried the child,and presented him to a Chinese in a restaurant and ate it Very wild
The Chinese are afraid of the truth, I just say to the Chinese who committed the crime of burning Australia and killing billions of animals, that there are no facts to hide, and the days to come, criminals.
Hahahaha....should make a call to your Master trump
kinda sad that the 2 iconic car brands in Australian is not even in their control.
Yau guys check this out...👇🏽 . Laureus20 . HappyBirthdayJhope . Budget2020 JhopeBirthday . ArmyPromotesTerrorism . coronavirus LHHNY . China PrayingForRyan . JHOPE_IS_MY_EGO XiaoZhan . COVID19 TAEHYUNG .
ChrisCourtney4 Scott is a vacuum, wastes air.
ScottyFomMarketing the biggest pathological liar in Australia LiarFromTheShire NotMyPM
Funny that. His government dared GM to leave.
Most are angry at the PM are the fires out?
If Australians would drive on the right side of the road it would be more economical to supply cars for them.
Sad day for those fond of the Aussie Commodore/Omega. Mary Barra is in full retreat mode across the globe.☹️
Hahaha Building a huge factory for Tesla
Should have given them more protection if you think they are that important.
HE IS A PERIL TO HIS COUNTRY.
Shows a complete lack of understanding of macroeconomics..auspol
Get a petition signed up to ostracize kill Wall Street bank cartel General Motors from having any access, influence in Australian markets in retaliation for destroying a Aussie culture Icon. This decision cant be taken lightly destroying Aussie manufacturing wasn't enough 4 them
The skillsets of automotive industry workers set to be displaced by the departure of Holden are still highly sought after in Australia.
Not too many people who own a Holden happy about this. Anyone thinking corporations law? What about director duties?
GM good business move 🇺🇸
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: AP - 🏆 728. / 51 Read more »
Source: latimes - 🏆 11. / 82 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: Reuters - 🏆 2. / 97 Read more »
Source: trtworld - 🏆 101. / 63 Read more »
Source: Reuters - 🏆 2. / 97 Read more »