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17.02.2020

GM winds down its operations in Australia and New Zealand

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The automaker also announced plans to exit Thailand

Stocks impacted: General Motors Co (GM)

In the latest restructuring plan of its global business, the Detroit automaker said it would shut its operations in Australia and New Zealand and sell a plant in Thailand. The company expects to take $1.1 billion in charges mostly in the first quarter as a result of the actions, including $300 million in cash. Of note, the company also plans to withdraw Chevrolet by the end of this year and sell a plant to Chinese automaker Great Wall Motors. As a reminder, earlier, General Motors sold its European operations to French automaker PSA Group and also restructured its operations in South Korea and ended or limited operations in Russia, Australia, India and Thailand. The automaker’s stocks closed 1.5% lower on Friday.

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