GM plans to Bail out of Australia, New Zealand, Thailand, Japan, Russia and Europe

DETROIT (AP) — General Motors says it's pulling out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don't produce adequate returns on investments.

The company said in a statement Sunday that it will wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021.

It also plans to sell its Rayong factory in Thailand to China's Great Wall Motors and withdraw the Chevrolet brand from Thailand by the end of this year.

GM has 828 employees in Australia and New Zealand and another 1,500 in Thailand, the company said.

CEO Mary Barra says the company wants to focus on markets where it can drive strong returns. She says GM will support its employees and customers in the transition.

The company said it will scale back operations in all three countries to selling niche specialty vehicles. It also will make the same move in Japan, Russia and Europe, where "we don't have significant scale."

https://apnews.com/08c6883a7f2c1329d60e7a7bdb4d5319

Quote from: Solar on February 16, 2020, 08:53:23 PM
GM plans to Bail out of Australia, New Zealand, Thailand, Japan, Russia and Europe

DETROIT (AP) — General Motors says it's pulling out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don't produce adequate returns on investments.

The company said in a statement Sunday that it will wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021.

It also plans to sell its Rayong factory in Thailand to China's Great Wall Motors and withdraw the Chevrolet brand from Thailand by the end of this year.

GM has 828 employees in Australia and New Zealand and another 1,500 in Thailand, the company said.

CEO Mary Barra says the company wants to focus on markets where it can drive strong returns. She says GM will support its employees and customers in the transition.

The company said it will scale back operations in all three countries to selling niche specialty vehicles. It also will make the same move in Japan, Russia and Europe, where "we don't have significant scale."

https://apnews.com/08c6883a7f2c1329d60e7a7bdb4d5319

Seems to be a reasonable business decision for the shareholders.

Quote from: supsalemgr on February 17, 2020, 05:26:25 AM
Seems to be a reasonable business decision for the shareholders.

Yeah, now, but look at the losses incurred from being aggressively stupid. This is a direct result of Obozo's infusion of American tax dollars.
They were like kids in a candy store...

Quote from: Solar on February 17, 2020, 06:32:00 AM
Yeah, now, but look at the losses incurred from being aggressively stupid. This is a direct result of Obozo's infusion of American tax dollars.
They were like kids in a candy store...

No question GM is paying the price for making cars people don't want under the PC pressure.

Quote from: supsalemgr on February 17, 2020, 08:03:44 AM
No question GM is paying the price for making cars people don't want under the PC pressure.

Yep! Think Volt.