General Motors Company (NYSE: GM) on Monday announced that it is scrapping its Australian subsidiary Holden, while also winding down operations in New Zealand and Thailand.
End Of An Era For Australia
The automaker said that it would phase out the 164-year old brand by 2021.
"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.
GM has been winding down in international markets where it has struggled to turn profits since at least 2015.
According to the automaker, while many emotions may be attached to the iconic brand, the economics doesn’t support its presence in right-hand-drive markets, most of the Commonwealth countries, like Australia and New Zealand.
"After considering many possible options – and …
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