Holden, a subsidiary of General Motors (GM), has said it will stop making cars in Australia by the end of 2017.

The move will result in nearly 2,900 people losing their jobs.

The firm said a strong Australian currency, high manufacturing costs and a small domestic market were among the reasons behind its decision.

Holden said a small domestic market was among the reasons behind its decision

Holden, which has made cars in Australia for nearly 65 years, will retain its sales unit and a parts distribution centre in Australia.

(Source: BBC)