Clearlake backs Futuris to buck downturn
The A$200 million ($178 million) state bailout for Australia's auto industry comes after years of decline in manufacturing. Industry production numbers are the lowest since 1957. Toyota and General Motors (GM) have scaled back production amid export pressure from a strong Australian dollar, reduced import tariffs and weaker demand for locally made large cars.
Ford Motor Company said it will stop making cars in Australia in 2016 as it is no longer viable to manufacture in the country. Ford Australia sales account for about 25% of global sales for Futuris...
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