In a timely boost for local vehicle manufacturing, Holden has announced a profit of $89.7 million for 2011.
Some supply shortages following the floods in Thailand plus the well-documented slowing of demand for large cars (which affects the Commodore) saw Holden’s total revenue last year down slightly to $4.3 billion.
Nevertheless, again highlighting the long-term nature of the automotive business, last year Holden spent $231 million on research and development for future models, bringing its total R&D investment during the past five years to more than $1.3 billion.
Keys for Holden’s second consecutive year of profits were bringing Cruze production to its Sotuh Australian plant and less reliance on export sales.
Last year Holden made 90,424 cars at its Elizabeth, S.A. plant (36.8 per cent up on 2010). Export sales were up by 54.3 per cent (the Middle East is still the biggest overseas market) and exports of V6 engines to South Korea, China, Thailand and Germany were up by 14 per cent.
Holden sold 126,095 cars in Australia last year, second overall to Toyota and down 5.1 per cent compared to 2010.
