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GM to stop making cars in Australia by 2017

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December 10, 2013 10:47 PM EST | AP


CANBERRA, Australia (AP) — General Motors has announced it will stop making cars and engines in Australia by 2017.

About 2,900 jobs would be cut over the next four years.

GM chairman Dan Akerson says in statement Wednesday that the decision reflects a "perfect storm" of negative factors.

Among the challenges are a strong Australian dollar, small domestic market and high cost of production.

Akerson says Australia is "arguably the most competitive and fragmented auto market in the world."

GM's Australian subsidiary, Holden, will become a sales company.