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Australia, South Australia and Victoria governments co-invest $275M in Holden; Holden commits to $1B next-generation program, two all-new cars

GM’s Holden will build two all-new cars in Australia in the second half of this decade with the support of a $275 million co-investment package from the Australian, South Australian and Victorian Governments.

Holden Chairman and Managing Director, Mike Devereux said the funding announcement would drive investment of more than $1 billion from Holden and help secure the future of the local car industry.

Co-investment of this kind is critical for our industry and helps Australia compete against other car making countries that protect their industries through tariffs and/or financial support. Holden will receive government co-investment of $275 million and directly invest well in excess of a billion dollars in the 10-year vehicle development and manufacturing program.

The investment will help Australia retain its capability to design, engineer and build cars with two all-new vehicles going into production at Elizabeth, South Australia, in the second half of this decade. The two new Australian-made cars will be world-class. They will be underpinned by global architectures from within General Motors and bring new fuel-saving, connectivity and safety technologies to Holden’s portfolio.

The program also delivers a significant return on investment. We estimate Holden will inject around $4 billion into the Australian economy over the life of the program.

—Mike Devereux

Holden produces 45 vehicle variants in its one plant, including small and large cars from Cruze to Caprice, for Australian and international markets.

Devereux said the local market was one the most fragmented and competitive in the world with 230 models on sale in Australia today compared to 144 in 1998 when large cars enjoyed their strongest sales.

Comments

kelly

Hyundai doesn't need $275M taxpayer dollars to build two all-new cars.

HarveyD

This is OK...it's in Australia not in China.

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