Holden will not back down over job cuts with South Australian premier The Govt is defending paying billions to support the car industry despite Holden scrapping another 500 jobs. HOLDEN has the upper hand going into critical negotiations with the South Australian government over funding that will guarantee the company keeps building cars locally until at least 2022. Holden boss Mike Devereux and the South Australian premier Jay Weatherill will meet at the premier's office tomorrow morning to review the funding promise of $50 million in the wake of last Monday's announcement of 500 job losses. Having earlier in the week been highly critical of Holden's decision to axe 400 factory jobs at Elizabeth near Adelaide and 100 engineering jobs in Melbourne, Mr Weatherill has changed his tune. In a radio interview yesterday Mr Weatherill said the closure of Holden would lead to an estimated 16,000 job losses in the northern suburbs near its factory, and surrounding areas. Obviously we want Holden to secure the period between 2016 to 2022. This is an incredibly important employer in the north of South Australia," he told the ABC's 730 Report. Despite Weatherill's tough talking earlier in the week, including a threat to withdraw the offer of $50 million unless jobs are secured, Holden says it cannot guarantee employment numbers because it cannot predict factory output and changing market conditions in the years ahead. Backtracking: South Australian Premier Jay Weatherill. Holden says that of the $2.17 billion pledged to it over the past 12 years by both Labor and Liberal governments, securing job numbers was never part of any deal. Holden's Mike Devereux says government assistance is "designed to generate the capacity to build things - and jobs flow from that." The SA government's injection of $50 million is in addition to $215 million from the federal government and $10 million from Victorian taxpayers. In return, Holden says it will invest $1 billion that will see the company building cars locally until at least 2022. Holden, which is to axe 500 jobs, has been described by SA Unions as a shocking corporate citizen. Follow Joshua Dowling on Twitter Holden unveils its VF SS Commodore sports sedan at Adelaide's Elizabeth plant. Holden workers and Premier Jay Weatherill and Holden's managing director Mike Devereux in white shirt on right.