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Holden escaped 'near-death' experience

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Prominent politicians have revealed just how close one of Australia's three remaining car makers came close to going under as its parent entered bankruptcy.

Holden escaped a "near-death" experience when its parent company, General Motors, went into bankruptcy earlier this year, South Australian Deputy Premier Kevin Foley has told a press conference assembled to announce new fuel-efficient V6 engines for the company’s Commodore range.

As reported by Drive.com.au, Holden has added a 3.0-litre V6 engine to its Commodore and combined it with a six-speed automatic transmission to deliver fuel efficiency improvements of 12 per cent.

Mr Foley, whose constituency includes Holden’s Adelaide manufacturing plant where Commodores are assembled, said a massive injection of funds from the Federal Government’s Green Car Innovation Fund to build the Holden Cruze small car had probably saved the company from going under.

"We are not out of the woods, but we’re a decent way down that path," he said.

He paid tribute to Federal Industry Minister Kim Carr and Holden managing director Mark Reuss as the architects of the company’s continued operation under the restructured umbrella of "new GM".

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