Thread: Bad day for GM
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Old 04-22-2017, 12:22 AM   #1
The future is unwritten
Join Date: Oct 2002
Posts: 63,132
Bad day for GM

You are probably aware that Venezuela is in turmoil with 2.5 million protesters in the streets yesterday. GM got a surprise too.

"Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," the company said in a statement.

GM has about 2,700 workers in the troubled country, where it's been the market leader for over 35 years. It also has 79 dealers that employ 3,900 people, and its parts suppliers make up more than half of Venezuela's auto parts market, the company said.

Last May, tire maker Bridgestone sold its business there after six decades of operating in the country, joining other foreign multinationals including Halliburton and Procter and Gamble who have either slowed or abandoned their investments in Venezuela.
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