The former Holden Elizabeth assembly plant won’t be home to future electric car production after all. General Motors has reportedly dismissed a bid from British business tycoon Sanjeev Gupta to assemble electric cars at the former carmaking site.
According to a report from Manufacturers’ Monthly, GM did assess the bid, but ultimately, the two parties were never close to an agreement. Many of the assets Gupta sought are already in transition for use in other GM sites globally as well.
The bid had the support of the South Australian government, and treasurer Tom Koutsantonis reportedly penned a letter to GM asking for support in Gupta’s bid.
“GFG Alliance’s proposal to purchase selected manufacturing assets was comprehensively assessed by GM and Holden and the decision was taken not to proceed with the offer,” a Holden spokesperson said.
GM-Holden also took into account the intellectual property developed with the brand and company over years and the value of Gupta’s offer.
The British billionaire has a steady track record of purchasing failing businesses and turning them around; he’s purchased 20 steel, car and engineering plants in Britain. It’s also the second time an outside party has expressed interest in the Holden site. Ahead of the Elizabeth plant’s shutdown, a Dutch billionaire attempted to rescue the plant.