WI: Holden Motors was never purchased by GM?

Holden is an Australian automobile importer and former manufacturer of vehicles. It was independent until 1931 when it was purchased by General Motors and became a subsidiary of that company. Often marketed as Australia's home grown car company despite American ownership. As time went on they found it more profitable to import cars and rebrand than build cars at home themselves. Though at one point they had factories in ever Australian State and were most famous for cars like the Ute, Caprice, and Commodore. The question is what if General Motors for whatever reason decided not to purchase Holden. Would it even survive the great depression which hurt its business a great deal? Could they find a niche that other companies couldn't? Is it more likely that they'd be purchased by another company like Ford, Morris, Austin, Renault or Chrysler? Or merge with another Australian owned car company? Could they get a contract from the Australian or British Government for vehicle production during World War II? Do they keep manufacturing or focus on imports? In your opinion what would the future look like for an independent or differently owned Holden? Thanks in advance and be as creative or by the book as you like.
 
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