Four hundred Holden workers in Adelaide have taken voluntary redundancies, finishing work this Friday in an attempt to save the iconic brand.

It is too early to tell whether the company will survive but after this week Holden will employ just over a thousand people, down from close to 6000 a few years ago. The latest round of redundancies were offered in advance of a new business plan due to come into action from September.

John Camillo from the Federation of Vehicle Industry Unions says more than 500 workers put their hands up to take a separation package: “It's a better situation than the situation of people being forced out the door with no choice whether they want to stay or not so, it's a good outcome for all, but it's a sad day for those 400 people.”

Independent authorities are poring over Holden’s books and processes, trying to find a way to save the company. Professor Goran Roos is leading the team of inquirers; he will present his findings to Holden shop stewards, union representatives and executives at the end of the month.

It is the latest in a worrying series of events for the company, following the Federal Government’s decision to adjust the Fringe Benefits Tax which could affect sales from salary sacrifices.