GM’s continued withdrawal from global markets has taken its next step, withdrawing from Australia, New Zealand and Thailand. What’s left of the Holden sales, design and engineering operation are to be shut down, and the once-storied brand will disappear by next year. Holden’s market share has tumbled to 4.3%, making it essentially irrelevant. GM’s Chevrolet-branded Thailand operations and factory will be sold to China’s Great Wall Motor Co.
This follows on previous withdrawals from Europe and Russia. The plan for some years now has been to exit poorly performing markets, focus on high margin trucks and SUVs in North America and its China joint ventures, and use those profits to fund an ambitious push into high tech mobility, namely EVs and self-driving cars via its Cruise division. GM also is still active in Mexico and South America.
GM CEO Mary Barra continues her quest to remake GM: “I’ve often said that we will do the right thing, even when it’s hard, and this is one of those times,” Barra said in the statement. “We have the right strategies to drive robust returns, and prioritizing global investments that will drive growth in the future of mobility.”