General Motors(DETROIT) — General Motors is winding down operations in Australia and New Zealand and selling a vehicle manufacturing facility in Thailand as part of its strategy to “take action in markets that cannot earn an adequate return for its shareholders,” the automaker announced Sunday.
Along with ceasing sales, design and engineering operations in Australia and New Zealand, GM says it will retire the Holden brand of cars by next year.
Meanwhile, in Thailand, the automaker plans to withdraw Chevrolet from the domestic market by the end of this year.
“I’ve often said that we will do the right thing, even when it’s hard, and this is one of those times,” GM Chairman and CEO Mary Barra said in a statement. “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,” Barra added.
Copyright © 2020, ABC Audio. All rights reserved.