GM exits Australia, more overseas markets in restructuring move

GM exits Australia, more overseas markets in restructuring move

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General Motors is exiting Australia, New Zealand and Thailand to save costs in the under performing markets and better hone its focus on growth markets as well as on its electric vehicle and self-driving car strategies.

As a result, GM said it expects to incur net cash charges of $300 million and to record total cash and non-cash charges of $1.1 billion. These charges will primarily be incurred in the first quarter and continuing through the fourth quarter. 

But the move will not affect GM’s U.S. operations, a GM spokesman said. GM’s Spring Hill Assembly plant in Tennessee builds the Holden Acadia SUV for Australia, but the volume is so small that it will not affect Spring Hill’s production or employment, the spokesman said. The plant will make up the volume with its other products: the GMC Acadia and the Cadillac XT5 and XT6 SUVs.



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