General Motors has said it will retire the iconic Australian car brand Holden as it leaves more markets.
The American car giant said it will wind down Holden sales, design and engineering operations in Australia and New Zealand by next year.
It also said China’s Great Wall Motors had agreed to buy its manufacturing plant in Thailand.
The announcement comes three years after GM ended manufacturing in Australia.
In a statement posted on GM’s website, chief executive Mary Barra said: “I’ve often said that we will do the right thing, even when it’s hard, and this is one of those times.”
The statement did not say how many jobs would be lost as a result of the move but reports suggest it will mean up to 600 layoffs.
In response to the news, Australian Prime Minister Scott Morrison said: “I am disappointed but not surprised. But I am angry, like I think many Australians would be.
“Australian taxpayers put millions into this multinational company. They let the brand just wither away on their watch. Now they are leaving it behind,” he added.
GM President Mark Reuss said the company had explored ways to keep the Holden brand but had decided that it would cost too much to remain in the “highly fragmented right-hand-drive market”.
It comes as GM is accelerating its exit from unprofitable markets as it focuses on the US, China, Latin America and South Korea.
