Re: Today is 10 years since the announcement that shook Australia & destroyed an industry. And killed Hol
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In 2008 the Aussie dollar was at parity with the US dollar.
Aussie built cars had no hope whatsoever of competing in the export market.
Mitsubishi was making 300 Magnas a day of which 220, yes 220 out of 300 had been exported to the US as the "Diamante" great when the AUD was at 0.48c in 2001.
But the Diamante was almost the price of a C class Mercedes when it was at parity...and even worse when it was $USD1.10 to $AUD1.00.
So Mitsubishi were the first to pull the pin....no US export market for the 380.
Instead Mitsubishi built plants in the US to manufacture the 380/9G Galant.
Australian production was way too expensive.
In his final speech in 2008 to the workers at Tonsley Park the CEO predicted Holden and Ford were soon to follow and that workers should consider employment outside of the automobile industry.
He was absolutely spot on.
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