Photo: Holden
GM’s latest financial statement filed with the US Secretaries and Exchange Commission reveal that the value of the Holden brand took a nose dive from $500 million to just $71 million after Detroit announced it will cease all Australian operations by the end of 2017.
What’s more, the report says that ending Australian manufacturing will cost GM more than $1.1 billion, including “additional charges through 2017 for incremental future cash payments of employee severance once negotiations of the amount are completed.”
As previously mentioned, GM’s decision to cease manufacturing at its Holden plants will cost Australia about 2,900 jobs over the next four years.
"The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country, including the sustained strength of the Australian dollar, high cost of production, small domestic market and arguably the most competitive and fragmented auto market in the world,” former GM CEO Dan Akerson explained last December.
Story via GoAuto
As previously mentioned, GM’s decision to cease manufacturing at its Holden plants will cost Australia about 2,900 jobs over the next four years.
"The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country, including the sustained strength of the Australian dollar, high cost of production, small domestic market and arguably the most competitive and fragmented auto market in the world,” former GM CEO Dan Akerson explained last December.
Story via GoAuto
Google News