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GM Holden Ltd is an automaker that operates in Australia, based in Port Melbourne, Victoria. The company was founded in 1856 as a saddlery manufacturer. In 1908 it moved into the automotive field, before becoming a subsidiary of the U.S.-based General Motors (GM) in 1931. After the GM takeover, the company was named General Motors-Holden's Ltd, becoming Holden Ltd in 1998, with the current name adopted in 2005.