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Holden To Wind Down GM Daewoo In New Zealand

Thursday, July 15, 2004

Available for immediate use

Holden To Wind Down GM Daewoo In New Zealand

Holden today announced it would wind down the GM Daewoo business in New Zealand by 31 December 2004 and remove the GM Daewoo brand from the local market. This announcement is consistent with the announcement made by GM Daewoo Australia on 1 June 2004 in respect of its Australian operations.

The decision was made in light of the brand’s current and forecast performance in New Zealand as well as the broader competitive environment.

The 10 GM Daewoo New Zealand Dealers were personally notified earlier today.

Holden said it would put arrangements in place to ensure Daewoo owners would continue to receive warranty, service and support from participating Holden dealerships after GM Daewoo dealers were wound down by 31 December 2004.

“We acknowledge that Daewoo has had difficult circumstances in the past few years at the global and local level. However, the situation with the brand’s reputation in New Zealand made it more difficult to re-establish than we initially believed,” said Mr. Brian Mynott, Managing Director of Holden New Zealand Limited.

“General Motors continues to believe in the value proposition of GM Daewoo products and will investigate options across the Asia-Pacific region for the longer term.

“The existing GM Daewoo network will continue servicing responsibilities until December. Daewoo owners will then be supported by participating Holden dealers, which represent one of New Zealand’s largest automotive networks.

“Holden will make arrangements to cover warranty obligations, including any applicable warranty offered by the previous distributors, as well as roadside assistance.”

Mr. Mynott said Holden had established detailed plans to assist dealers during the transition phase before 31 December.

“We will work with dealers to help wind up their franchises in the most effective way prior to December 31. This will include a range of initiatives to reduce factory and dealer inventory,” Mr. Mynott concluded

There are no Holden employees affected by this decision.

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