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  HOME | Venezuela (Click here for more Venezuela news)

Venezuela Seizes GM

WASHINGTON – General Motors accused authorities in Venezuela on Thursday of illegally seizing its lone assembly plant there and announced a halt to its operations in the South American country.

The plant operated by General Motors Venezolana (GMV) in the northwestern city of Valencia was “unexpectedly taken by the public authorities (on Wednesday), preventing normal operations,” the United States automaker said in a statement.

The factory had not produced any vehicles since 2015 due to GMV’s difficulties in accessing the US dollars it needs to import parts.

Venezuela, which has been gripped by a severe economic crisis in recent years, has strictly limited importers’ access to the greenback to bolster its hard-currency reserves.

It said the plant seizure had caused irreparable harm to the company, its 2,678 employees, its network of 79 dealerships and its suppliers.

The automaker said it would pay end-of-service benefits to workers to the extent allowed by the authorities and continue providing service to owners of GM-branded vehicles through its dealer network.

It added that the seizure was arbitrary and that it would vigorously take all legal action, within and outside of Venezuela, to defend its rights.

 

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