General Motors is leaving these markets
GM will also sell a factory in Thailand
General Motors is taking steps to exit unprofitable markets.
The automaker is pulling out of Australia, New Zealand and Thailand, 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.
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GM also announced that it plans to sell its Rayong factory in Thailand to China's Great Wall Motors.
The Chevrolet brand will also withdraw from Thailand by the end of this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 56.25 | -0.79 | -1.38% |
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.
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“We are pursuing a niche presence by selling profitable high-end imported vehicles supported by a lean GM structure,” International Operations Senior Vice President Julian Blissett said in the statement.
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The Detroit automaker expects to take $1.1 billion worth of cash and noncash charges this year as it cuts operations in the three countries.
The Associated Press contributed to this article.