The parent company of Australian car maker General Motors Holden will slash 47,000 jobs worldwide in the coming year, but it remains unclear how many local positions are under threat.
General Motors will lay off 26,000 workers outside the US as part of a plan to remake the company in exchange for massive financial aid, according to a document lodged this morning with the US Treasury.
But the carmaker says it expects Holden to remain viable, in part because of assistance extended by the Australian Government.
Holden's plans for a new, more fuel-efficient car, financed with government help, should ensure that Holden remains a profitable arm of GM worldwide, the company said.
Holden is not ruling out cutting local staff.
"We are scrutinising all aspects of the business and will be making some decisions - some of them tough decisions - in the coming weeks in terms of our structure and operations,'' a spokesman said.
"All of this contributes to the ultimate goal of being a viable, sustainable local operation,'' the spokesman said.
The survival of the global carmaker is far from certain.
GM has lodged restructuring plans with the US Treasury as a condition of a temporary multi-billion dollar survival loan.
With sales plummetting, GM could need a $US30 billion crutch from the US Government by 2011, the Treasury filing asserted.
The company is also asking for help from the governments of Canada, Germany, the UK, Sweden and Thailand.
