Receive Breaking News updates as they occur
Struggling automaker GM Holden on Wednesday said it will shut down its manufacturing plants in Australia by 2017 with the loss of 2,900 jobs, dealing a major blow to the nation's car industry. Holden's decision to move to a national sales company comes after US giant Ford in May said it would stop making vehicles at its unprofitable Australian factories in 2016, with the loss of 1,200 jobs. With Mitsubishi closing its Adelaide plant five years ago, only Toyota Australia -- which employs more than 4,000 workers -- will be left making cars in the country. "The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country," GM chief executive Dan Akerson said in a statement.