DETROIT – General Motors announced Sunday night that the company is pulling out of three countries.
The company said it isn’t making enough of a return on investments and is winding down sales, engineering and manufacturing in Australia, New Zealand and Thailand.
Additionally, GM will be shutting down operations of its historic Holden brand in 2021.
Holden started in 1856 and manufactured saddles before moving into automotive in 1908. It was purchased by GM in 1931.
“I’ve often said that we will do the right thing, even when it’s hard, and this is one of those times,” said GM CEO Mary Barra. “We are restructuring our international operations, focusing on markets where we have the right strategies to drive robust returns and prioritizing global investments that will drive growth in the future of mobility, especially in the areas of EVs and AVs.”