General Motors Holden sold 106,092 vehicles and was the second-most popular car brand in the country, but made a loss of $361 million last year.
The Australian Financial Review reports that Holden blamed $346 million in restructuring costs for the bad figures, which, combined with the last two years’ results, saw it losing nearly a billion dollars.
Highlighting the highly fragmented nature of the local car market, Holden was the second-most popular car company, though sold only 9.5 per cent of vehicles bought in Australia in 2014.
News Corp notes that Holden currently employs about 3,100 in Australia, with 1,200 at its Elizabeth, SA factory and 180 at the Port Melbourne, Victoria engine factory.
It spent $345.9 million in employment separation charges and booked $9.36 million in writedowns, though benefited from $80.8 million in government subsidies.
Eight of the last ten years have seen Holden lose money, and the car maker will end its local assembly by 2018. When this happens it will run under an import-only model.
The Sydney Morning Herald contrasts Holden’s result with luxury car importer Porsche Cars Australia, which increased revenues by 37 per cent last year and tripled net profit after tax to $18.8 million in 2014.