Holden, a subsidiary of automotive giant General Motors (GM), has announced it will stop making cars in Australia and New Zealand by the end of 2017, with the loss of 2,900 jobs.
The move will bring to an end over 85 years of GM car manufacturing in Australia and nearly 65 years of Holden car manufacturing and will leave Toyota as the sole car manufacturer in the country.
GM blames the decision on the strong Australian dollar, high manufacturing costs and Australia's small domestic market. GM chief executive Dan Akerson said: "The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country.
"This includes the sustained strength of the Australian dollar, high cost of production, small domestic market and arguably the most competitive and fragmented auto market in the world."
It's unclear what will happen to the Holden brand; however, if General Motors decides to keep the marque active (which, given Holden's fanatical following in Australia, seems likely) future Holden models could be based on rebadged GM products.
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