Holden and Toyota Remain Committed to Australia for the Moment image

After Ford announced it will stop production in Australia, only two automakers were left standing: Holden and Toyota.

The auto manufacturing industry in Australia is slowly dying, worrying automotive component suppliers and their employees. Holden chairman and managing director Mike Devereux said that there is still hope for the industry and the company announced it will invest $1 billion in the region to manufacture two new vehicle models in the following 10 years. Holden has recently launched the new Commodore car, considered by the automaker ‘the most technologically advanced yet made in Australia.’

“(It) has already adjusted in large part, given Ford’s relatively low production volumes,” Mr Devereux said in a statement.

Toyota also plans to stay in Australia, after it recently opened a new $330 million engine production plant for vehicles sold both locally and to Asia. Over the past years Toyota, Holden and Ford received billions of dollars in government assistance.

Nick Champion, the federal Labor MP for Wakefield, has recently called for a temporary 5%-10% tariff on imported vehicles to help the local automakers easily deal with the high Australian dollar.

“We have limited options to help the automotive industry but one is a special tariff in these unusual circumstances of an abnormally high Australian dollar while competitors are devaluing their currency,” said Champion.

Source: manmonthly.com.au, news.com.au