Challenging market conditions, the global financial crisis and worsening exchange rates were all cited as contributing to the decision to delay the Australian debut of the CTS planned for later this year.
Chairman and Managing Director Mark Reuss said: "GM Holden was faced with making a significant investment to launch a new, niche brand into a tough market. There is only one chance to properly launch this brand in Australia and in these challenging times, we believe we couldn't give it the best chance of success.
"At GM Holden, we will devote our energies towards our core operations that include a range of alternative-fuel technologies, a second car line at Elizabeth to build a new fuel-efficient four-cylinder small car and future-generation Commodores for Holden," he added.
Inside Line says: The delayed launch in Australia of the CTS is a bit ironic, considering its rear-wheel-drive Sigma platform originated there more than a decade ago. — Mike Jarvis, Correspondent
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