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NINETY EIGHT REGENCY

Holden receives secret $200m lifeline from Federal Government

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Holden receives secret $200m lifeline from Federal Government

CAR maker Holden has received a $200 million lifeline from the Federal Government as it battles the economic meltdown and an alarming sales slump.

Holden sought the secret line of credit - only just made public following inquiries - after the decision of Barack Obama's US Government to bail out its stricken parent.

It is designed to help the company, which has seen vehicle sales slump 15 per cent, boost its export business into Asia, Africa, Europe and the Middle East, the Herald Sun reports.

It will, however, draw criticism on how much taxpayers' money is being pumped into the company to keep it afloat.

The Government has already given Holden, which employs 6500 people, at least $179 million in financial support to build a new "green" car.

Industry Minister Kim Carr last night said the $200 million lifeline had been in place for a while and was part of Canberra's efforts to protect 200,000 automotive sector jobs.

more at link:

http://www.news.com.au/business/story/0,27...771-462,00.html

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A drop in the bucket, the lowly State of Wisconsin offered $200 million to GM to keep the Janesville, Wis plant operational. GM thumbed its nose at that offer. The Down Unders act as if that's a lot of money, trust me it's not ... :smilewide:

Edited by PCS

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regfootball    222

of course its not. look at how much VW got for putting up a new in plant in was it KY?

how much $$$$ did the southern states shove at the transplants?

of course, how much do those senators get kicked back in return......

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Camino LS6    866

Well, there certainly is an issue of scale involved here. What a few hundred mil means to Holden is a great deal more than it would mean to GM as a whole.

Beyond that, Holden has proven time and agin that they make their money go farther than the rest of GM seems to be capable of doing by an order of magnitude.

Holden has a talent for making a silk purse out of a sow's ear, whereas GM in general just turns out cheaper, disappointing, ears of low-desireability at higher cost.

GM needs more Holden in their mindset.

Edited by Camino LS6

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Well, there certainly is an issue of scale involved here. What a few hundred mil means to Holden is a great deal more than it would mean to GM as a whole.

Beyond that, Holden has proven time and agin that they make their money go farther than the rest of GM seems to be capable of doing by an order of magnitude.

Holden has a talent for making a silk purse out of a sow's ear, whereas GM in general just turns out cheaper, disappointing, ears of low-desireability at higher cost.

GM needs more Holden in their mindset.

My point was that a lowly state offered just as much as the whole country of Down Unders ...

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