Holden has confirmed it will cease manufacturing in Australia by 2017, closing after almost 90 years of local production.
After months of speculation surrounding Holden’s future, Victorian Premier Deni Napthine made the announcement in State Parliament this afternoon.
"This is a very, very sad day for Australia and Victoria," he told parliament. "We have been advised that it is an irrevocable decision."
Holden is holding a press conference at 3pm, with thousands of Holden workers to be told the news later today.
The bombshell comes just a day after Holden boss Mike Devereux told the federal government no final decision had been made on the company’s future in Australia.
More to come.