General Motors Co. will leave Australia, New Zealand and Thailand by year-end as it exits poor-performing markets and focuses on new technologies such as self-driving cars and electric vehicles.
The downsizing is part of a long-running strategy at GM since the Detroit-based company emerged from bankruptcy in 2009. The company pulled the Chevrolet brand from Europe in 2015, left Russia that same year and sold its German Opel unit and British Vauxhaul brand to France’s Peugeot SA in 2017.
The company will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021.
With Australia and New Zealand being chopped from GM’s global network of markets, the company’s primary focus other than the U.S. will be China, Mexico and South America.
Source: Bloomberg
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