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.
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