A bid by a Belgian group to take over car production at Holden's assembly plant in Adelaide has collapsed.
A bid by a Belgian tycoon to take over Holden's car assembly plant in Adelaide has collapsed. General Motors and Guido Dumarey's Punch Corporation have decided the business case doesn't stack up.
The decision is a major blow for Holden's remaining workforce and car component suppliers, coming on the same day the company announced Cruze car production would end in October with the loss of 400 jobs.
In a joint statement GM and Punch said the challenges to domestic car manufacturing in Australia - lack of scale, high production costs, supply base contraction and increasing market fragmentation - could not be overcome.
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