Holden announced that it will cut 500 jobs in Australia as the company “struggles to cope with a profound structural shift triggered by the high dollar and fierce competition from foreign rivals.”
The carmaker will cut 100 jobs from its product development facility in Melbourne and another 400 jobs will be slashed at its Elizabeth plant in South Australia as production drops from 400 to 335 cars a day.
“I cannot predict the future. I can’t control what central banks do … I cannot control the value of other currencies that we compete with and I cannot predict what that will do to our business,” Holden managing director Mike Devereux said.
”We are witnessing a structural shift in the market, not just for cars but for anyone who makes things in this country,” Devereux added.
The company’s sales have dropped by more than a third since the late 1990s.
Source: The Age
