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The Death Of An Auto Industry: Ford, GM Pull Out Of Australia, Toyota May Follow

Two days ago, General Motors announced plans to stop manufacturing cars in Australia -- or, as GM put it in a carefully worded statement: "The decision to end manufacturing in Aust... More Two days ago, General Motors announced plans to stop manufacturing cars in Australia -- or, as GM put it in a carefully worded statement: "The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country, including the sustained strength of the Australian dollar, high cost of production, small domestic market and arguably the most competitive and fragmented auto market in the world." In response to GM's announcement, Toyota has issued its own statement that sounds suspiciously like someone searching for his keys just before dashing out the door: "We will now work with our suppliers, key stakeholders and the government to determine our next steps and whether we can continue operating as the sole vehicle manufacturer in Australia". Less

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