What's Happening to Holden?
Bankrupt? Closing Down? Lost export orders? Being sold off?
We’ve heard all the rumours and speculation from scaremongers following the parent company’s problems in the
The parent company, General Motors, has filed for Chapter 11 bankruptcy protection, and will, in effect, be controlled by the US and Canadian Governments.
When it emerges in about three months it will be a leaner, more efficient company after undertaking severe cost-cutting measures including the proposed sales of its European brands, Saab, Opel and Vauxhall.
The Australian offshoot has also suffered the cancellation a big export order for
So how does this affect the local operation and is it under threat of closure,too?
Well, apparently not, and the local mangement seem very upbeat.
Their managing director, Mark Reuss, has told the press that Holden is not for sale!
It has NOT been put on the market and they are not entertaining any offers for the company- at least in the near future.
Holden claim to have been profitable in May, but one month is obviously not enough, as they have subsequently announced a $70.2 million loss for 2008..
Their local operation needs to show its parent that it can make a profit from now on..
In fact, Holden are currently gearing up to produce their most important small car in their history, the Holden Cruze.
We say ‘most important’ because that’s exactly what it is. It is vital that this car scores huge local sales successes, otherwise Holden will be under threat.
Launched this month, the Cruze will initially be imported from GM’s manufacturing plant in
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.The fully imported Cruze is in the showrooms now..
The pricing for the Cruze is extremely competitive and reflects Holden’s determination to make a mark for the car in
Read our review of the Cruze here
