GM to cease operations of Holden in Australia
US-based car maker General Motors will cease sales, engineering and operations of the Holden brand of vehicle in Australia, Thailand and New Zealand by the end of 2020, citing poor market performance.
The company has signed a binding term sheet with Great Wall Motors for it to acquire GM’s Rayong vehicle manufacturing facility in Thailand, where the Holden cars are currently manufactured.
The company is acting on a decision taken in 2015, to strengthen its core business and withdraw from markets that do not fetch adequate returns.
China’s average daily output up in February
China’s average daily output of crude steel in early February from key steelmakers rose by 3.16pc to 19.39mn mt from the prior-year period.
China also produced 17.97447mn mt of pig iron, 17.5904mn mt of steel in early February.
The country’s crude steel output, however, declined by 2.68pc from 19.678 in early January. China produced 17.7024mn mt of pig iron, 18.333mn mt of steel in early Jan 2020.
Auto sales in China dropped by 18pc in January
Automobile sales in China dropped by 18pc in January 2020 due to Coronavirus outbreak and extended new year holidays and is likely to impact the overall sales of auto sector in February amid shortage of auto parts and fall in labour pool.
In January overall automobile sales was 134,578 units, according to China Association of Automobile Manufacturers.
Data reveals that sales of new vehicles dropped by 20pc, while electric battery vehicle’s sale rose by 54.4pc.