Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Holden To Wind Down GM Daewoo In New Zealand

Thursday, July 15, 2004

MEDIA RELEASE
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.


--- ENDS ---

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news