FILE PHOTO: A logo of General Motors is pictured at its plant in Silao, in Guanajuato state, Mexico, November 9, 2017. REUTERS/Edgard Garrido/File Photo
(Reuters) – General Motors Co (GM.N) is retreating from more markets outside of the United States and China, saying on Sunday that it will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021.
It also said that China’s Great Wall Motor Co Ltd (601633.SS) had agreed to buy GM’s Thailand manufacturing plant.
The company expects to incur net cash charges of about $300 million in connection with the changes, and total cash and non-cash charges of $1.1 billion.
Reporting by Hilary Russ; Editing by Kim Coghill