GM says it's pulling out of Australia, NZ, Thailand

General Motors announced its plans to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don't produce adequate returns on investments.

The Detroit-based company said in a statement on Sunday it will wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021.

It also plans to sell its Rayong factory in Thailand to China's Great Wall Motors and withdraw the Chevrolet brand from Thailand by the end of this year.

GM has 828 employees in Australia and New Zealand and another 1,500 in Thailand, the company said.