/ Holden, Industry, News / Australia: Holden records record loss

Australia: Holden records record loss

Linked In Share
Australia: Holden records record loss

As the local Australian unit of GM was recently announced to be scheduled for “termination”, Holden also announced it has recorded its biggest financial loss so far.

For the 2013 calendar year, Holden managed to “achieve” a net loss after tax of $553.8 million, as huge one-off costs started to appear after General Motors announced its Australian unit would cease vehicle production by the end of 2017.

Holden said it had “a $500.4 million one-off impairment charge on property, plant and equipment” before tax and a $122.3 million (before tax) in charges for “employee separation costs”.

“Clearly there are significant costs associated with our decision to cease domestic manufacturing of vehicles in Australia by the end of 2017,” said Holden’s chief financial officer, Jeff Rolfs. “These costs drove the financial loss for Holden in 2013. We are mindful of the impact on our employees and our financial results, but it was the right decision. Manufacturing vehicles in Australia is, unfortunately, unsustainable. ”

This loss is far bigger than Holden’s anterior record, of $211 million, which occurred back in 2009 when the global financial crisis was in full swing and certainly wasn’t helped by the fact that Holden also had its slowest year in 2013. Just 112,059 units were sold, which meant the company dropped since the 174,464 vehicles in 2005 in just eight years no less than 35%.

by Aurel Niculescu (my Google+) - Monday, May 12th, 2014 - filed under Holden, Industry, News. Image credit: .
Linked In Share
Related Articles
2013 australia financial results loss


Discuss: Australia: Holden records record loss

Leave a Reply















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

Raikkonen would welcome Vettel as teammate
Raikkonen would welcome Vettel as teammateOct.4 (GMM/Inautonews.com) Ferrari is yet to confirm the news, but the famous team looks set to enter the 2015 season with ...
Dennis says Alonso deal not done
Dennis says Alonso deal not doneOct.4 (GMM/Inautonews.com) Ron Dennis on Saturday hit back at suggestions Fernando Alonso's return to McLaren in 2015 is already ...
Lauda rules out Mercedes move for Alonso
Lauda rules out Mercedes move for AlonsoOct.4 (GMM/Inautonews.com) As the morning's sensational news heads into late afternoon at Suzuka, tongues are still wagging far ...
Ecclestone says F1 board reports ‘rubbish’
Ecclestone says F1 board reports ‘rubbish’Oct.4 (GMM/Inautonews.com) Bernie Ecclestone has slammed reports his return to formula one's executive board has been ...
Japan and Russia races to start on time – Ecclestone
Japan and Russia races to start on time – EcclestoneOct.4 (GMM/Inautonews.com) Bernie Ecclestone has ruled out moving the start time of Sunday's Japanese grand prix. Shifting the ...
Fernandes distances himself from Caterham team
Fernandes distances himself from Caterham teamOct.4 (GMM/Inautonews.com) Tony Fernandes has moved to distance himself from the debt and chaos of the formula one team he ...
McLaren will ‘take time’ to decide drivers
McLaren will ‘take time’ to decide driversOct.4 (GMM/Inautonews.com) All eyes are on Ferrari and Fernando Alonso in the wake of Sebastian Vettel's shock news on ...
Toro Rosso considering Sainz for 2015
Toro Rosso considering Sainz for 2015Oct.4 (GMM/Inautonews.com) Red Bull has not denied that Carlos Sainz jr is the obvious choice to replace Daniil Kvyat in ...
Shock at Suzuka as Vettel leaves Red Bull
Shock at Suzuka as Vettel leaves Red BullOct.4 (GMM/Inautonews.com) A wild rumour is now a certainty: Sebastian Vettel is leaving Red Bull to replace Fernando Alonso at ...
Paris Motor Show LIVE: Volkswagen Golf Alltrack
Paris Motor Show LIVE: Volkswagen Golf AlltrackThe German automaker, the second largest car company in the world, has celebrated the world premiere of the Golf Alltrack during ...
Paris Motor Show LIVE: Renault Clio Initiale Paris trim
Paris Motor Show LIVE: Renault Clio Initiale Paris trimThe Clio supermini has received a new trim level, the Initiale Paris, which was unveiled during the French automotive event. The ...
Paris Motor Show: Honda Jazz Prototype
Paris Motor Show: Honda Jazz PrototypeLooking exactly like a production ready model, the Japanese automaker has unveiled during the 2014 Paris Motor Show the 2015 ...
Paris Motor Show LIVE: 2015 Ford S-MAX and C-MAX
Paris Motor Show LIVE: 2015 Ford S-MAX and C-MAXThe new generation of the Ford S-MAX has been officially presented to the public, along with the facelifted C-MAX, at the 2014 ...
Typhoon delay could affect Russia GP
Typhoon delay could affect Russia GPOct.3 (GMM/Inautonews.com) F1 authorities have ruled out running the Japanese grand prix on Saturday, it has emerged from ...
Belgium GP set for 2018 deal
Belgium GP set for 2018 dealOct.3 (GMM/Inautonews.com) Far away from the Suzuka paddock, the F1 world heard promising news on Friday from Belgium. L'Echo ...
Read more automotive news


2013 Frankfurt Motor Show Live Images

Volkswagen Golf Alltrack Paris 2014 01
Renault Clio Initiale Paris 1
Ford C-Max  Paris 2014 01
Ford_mondeo_paris0
Bugatti Veyron Grand Sport Vitesse Ettore Bugatti Special Edition 1
Maserati Alfieri Concept Paris 2014 01
Dacia Dokker Stepway  Paris 2014 01
Renault Eolab Paris 2014 07
Dacia Lodgy Stepway  Paris 2014 09
Peugeot 2008 DKR Paris 2014 09
Citroen Divine DS concept Paris 2014 01
2015 suzuki vitara 1

More automotive from inautonews
The German automaker, the second largest car company in the world, has celebrated the world premiere of the Golf Alltrack during the 2014 Paris Motor Show. The rugged version has made its official public debut in front of the French public, sporting crossover style looks wrapped around the body of ...
read more
Inautonews Editors Section
Test Drive: Honda Civic Tourer 1.8 Executive MT
Test Drive: Honda Civic Tourer 1.8 Executive MT The new generation of the Honda Civic, has added, for the first time ever, an estate version, which is aimed towards families who aren’t exactly ...
Test Drive: Mercedes-Benz SLK 250 AT
Test Drive: Mercedes-Benz SLK 250 AT The new generation of the Mercedes-Benz SLK has been introduced back in 2010 and production began one year later. The roadster has seen the public ...
Test Drive: Mercedes-Benz ML 250 BlueTEC 4MATIC
Test Drive: Mercedes-Benz ML 250 BlueTEC 4MATICThe off-road adventure for Mercedes started in America back in 1997 with the introduction of the original M-Class generation. The model was notable ...

Editors Section
Inautonews Editors Section
2012 Safest Cars list 2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video]

Latest in Safety [VIDEO] Euro NCAP: 5 stars for the Mercedes-Benz V-Class and Nissan X-TrailThe new generation of the Nissan X-Trail, along with the Mercedes-Benz V-Class, have scored a total ... [VIDEO] Euro NCAP: Citroen C4 Cactus scores 4 starsThe Citroen C4 Cactus, the newest edition to the European range of the company, has managed to ...
Safety Section