Gulf News

General Motors to exit Australia, NZ and Thailand by year-end

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General Motors Co. said it will leave Australia, New Zealand and Thailand by year-end as it continues to exit poor-performing markets and focus its resources on new technologi­es like self-driving cars and electric vehicles.

The largest US automaker said it will take $1.1 billion in charges mostly in the first quarter, of which $300 million is cash, to cover the costs of leaving those markets. The company will retire the Australian Holden brand, withdraw the Chevrolet brand from Thailand and sell its Rayong plant there to China’s Great Wall Motor Co., GM said in a statement.

GM’s downsizing comes as CEO Mary Barra continues to shrink the automaker to the point where it gets almost all of its profits from the US and China. The company has made a calculated gamble and invest in technology.

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