Fans of GM's Australian brand Holden will not like this news. We reported that the rear-wheel-drive Zeta platform that underpins the Holden Commodore would live on after billionaire entrepreneur Guido Dumarey obtained the rights to it. Dumarey's Punch Corporation was going to modernize the Zeta platform and build a range of luxury and performance sedans to be sold globally. However, after a round of negotiations between GM and Punch, it appears that both parties have agreed that no business case can be made for selling the Holden plant.

Due to a non-disclosure agreement, we won't know the details of the negotiations. However, GM did say that lack of scale, high production costs and supply base contraction all play a factor in why the company is ceasing production in Australia. Apparently Punch's plan could not overcome these obstacles. GM says that it will consider Punch along with other interested parties as local production ceases. However, we doubt that anything will be done to save the Holden plant. What a shame!