GM pull outs of Australia, NZ and Thailand




Continuing a years-long global restructuring, General Motors (NYSE:GM) said it would wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021.


The company also announced that it had signed a binding term sheet with Great Wall Motors to purchase GM's Rayong vehicle manufacturing facility in Thailand and would withdraw Chevrolet from the domestic market by the end of 2020.


GM expects to take $1.1B in charges mostly in the first quarter as a result of the actions, including $300M in cash.


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