Holden to Cut 500 Jobs
After laying off 170 employees just five months ago, Holden will dismiss 100 workers from its Melbourne facility and another 400 at its Elizabeth plant in South Australia, where production has dropped from 400 to 335 cars a day.
“I cannot predict the future,” said Holden managing director Mike Devereux. "I can't control what central banks do… I cannot control the value of other currencies that we compete with and I cannot predict what that will do to our business.”
“We are witnessing a structural shift in the market, not just for cars but for anyone who makes things in this country,” Devereux added.
According to the Australian media, sales of locally built Holdens have dropped by more than a third since the late 1990s, while the rising dollar made manufacturing 60 percent more expensive than ten years ago.
Story via TheAge