General Motors will wind down its operations in Australia and New Zealand and sell its manufacturing facility in Thailand, the company announced Monday.
The company expects the restructuring will cost $1.1 billion.
“We are restructuring our international operations, focusing on markets where we have the right strategies to drive robust returns, and prioritizing global investments that will drive growth in the future of mobility, especially in the areas of EVs and AVs,” CEO Mary Barra said in a statement.
The company said it will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021.
Great Wall Motors will purchase the GM Rayong manufacturing facility in Thailand, and GM will withdraw Chevrolet from the domestic market in Thailand by the end of the year, according to the announcement.
GM said it will honor all warranties and continue to provide servicing and spare parts for customers in Australia, New Zealand and Thailand.
Australian Prime Minister Scott Morrison told reporters Monday he was disappointed and angry at the decision, but not surprised.
“Australian taxpayers put billions into this multinational company. They let the brand just wither away on their watch,” he told reporters in Melbourne, according to Reuters.