Devereux's appearance at the inquiry, set up to review the current state and future of automotive manufacturing in Australia, comes on the back of reports from late last week that Holden has already decided to cease local vehicle production as early as 2016.
Prime Minister Tony Abbott last week demanded Holden make its intentions clear about its manufacturing future in Australia, while shadow industry minister Kim Carr last night told the ABC an additional government commitment of under $150 million a year would be enough to secure Holden's local manufacturing until 2025.
"We are facing an economic and social catastrophe. We would not see the economy recover possibly through to end the next decade," Carr said.
"In terms of manufacturing there would be profound loses in Victoria and South Australia but it affects all states right across Australia."
In support of committing further funding to the car industry, Industry Minister Ian Macfarlane has refuted suggestions of Holden's impeding exit, telling the ABC the car maker has assured him no decision has been made.
On Thursday, South Australian Premier Jay Weatherill will meet with Prime Minister Tony Abbott in Canberra to discuss the future of Holden's manufacturing operations in Australia.
The Productivity Commission’s interim report is due to be released on Friday, December 20 with the final report to be submitted to the government by March 31, 2014.