GM "Quits" Venezuela After Government Seizes Plant

[Flyn]

General Motors said Wednesday it has been forced to stop operating in Venezuela after one of its plants was illegally seized by local authorities.

The seizure, in the country's industrial hub of Valencia, comes amid a deepening economic and political crisis that has sparked weeks of deadly street protests.

General Motors Venezolana, GM's local subsidiary, did not provide any details about the seizure, other than to say the facility "was unexpectedly taken by authorities, preventing normal operations." It said other assets, "such as vehicles," had also been stripped from the site...

...Announcing "immediate cessation of its operations in the country," GM accused local officials of causing "irreparable damage" to the company and its 2,678 workers and 79 dealers in the country. GM said it would pay separation benefits "as far as the authorities permit."

Despite the drastic action, the company added that it was "confident that justice will eventually be served, and looks forward to continue leading the Venezuelan market."

General Motors Quits Venezuela After Officials Seize Plant - NBC News

https://www.youtube.com/watch?v=99tKyqPBqzI

Click to read more...

 

[Yaj Yak]

lol.. "quits"?

not hardly bro.

 

[Flyn]

I quoted the term, didn't author it. Could be a language translation issue.

Sounds like the government grabbed the plant and stole the new vehicles.

The country looks like it's headed for a revolution.

 

[Yaj Yak]

looks like it's headed?

it's been heading.

also. other articles without misleading titles

GM says Venezuela has seized its car plant - Apr. 20, 2017

General Motors: Venezuela seized our car plant | TheHill

GM halts operations in Venezuela after factory is seized - ABC News

 

[Chester Copperpot]

Time to play "Who said that?"

These days, the American dream is more apt to be realized in South America, in places such as Ecuador, Venezuela and Argentina, where incomes are actually more equal today than they are in the land of Horatio Alger. Who's the banana republic now?

Hint: He's a "democratic" socialist.

 

[Flyn]

looks like it's headed?

it's been heading.

also. other articles without misleading titles

GM says Venezuela has seized its car plant - Apr. 20, 2017

General Motors: Venezuela seized our car plant | TheHill

GM halts operations in Venezuela after factory is seized - ABC News

General Motors Quits Venezuela After Officials Seize Plant
by ALEXANDER SMITH

Alexander Smith - NBC News. Here's his FB. https://www.facebook.com/alexsmithnbc

 

[Chet Donnelly]

Venezuala is a complete disaster. Their inflation over the last couple years has been mind blowing!

 

[Flyn]

The government is arming its militia and protests have soared in numbers. A couple people have been killed. Government is blaming the U.S. for the insurrection.

Since the price of oil dropped, inflation has been triple digit and stores have bare shelves. People have been crossing the border to shop in other countries.

The situation now looks like an armed revolution could happen at any moment.

 

[blakbearddelite]

Cross that off my places to visit list.

 

[VenomousDSG]

Let them rip themselves apart.... Good luck Venezuela with your newly acquired factory with 0 workers and no U.S. support.

 

[Gone_2022]

Sounds like a bright decision by their government. I doubt this is any issue for GM. They will write them off and move on. Way to go only hurting yourselves. Bunch of morons lol.

 

[Chet Donnelly]

Sounds like a bright decision by their government. I doubt this is any issue for GM. They will write them off and move on. Way to go only hurting yourselves. Bunch of morons lol.

I'm sure it was already reserved for. Probably has no impact to current GM financials.

 

[Gone_2022]

Looks like this isn't the only time this country has ruined themselves when it came to corporations.

Exxon mobile shut down operations in 2007 due to the government, a Kleenex maker suspended operations due to business conditions, and Coca Cola halted operations due to shortages with local sugar.

 

[0GBlown]

i feel like something similiar happened to henry ford

 

[VenomousDSG]

I remember the issues with Coca Cola there back in the mid 2000s, i did a report on it in college for an international business course.

Venezuela is a very messed up country. The government gives no rights to any foreigners there, and they can take over and control anything they want in their country at any time they please. Not all that different than North Korea or Iran, except they don't really have a military threat.

 

[Chet Donnelly]

Which is insane...because they actually have the infrastructure and natural resources (oil) to drive a pretty robust economy.

But its a perfect example of what happens when you let a dictator take over.

 

[VenomousDSG]

Oil is cheaper than water there...

 

[Chester Copperpot]

https://twitter.com/marianaatencio/status/855104334257942529

 

[Chet Donnelly]

Glad to see them protesting that hard!

 

[VenomousDSG]

Looks like the aftermath of a soccer tournament down there. lol

 

[Flyn]

https://twitter.com/marianaatencio/status/855104334257942529

Looks like a government's going down soon protest.

 

[Flyn]

I didn't really want a car thread to turn into a political thread but it probably would have died in a day or so if it stayed GM leaves Venezuela and it looks like there's some interest in the Venezuela situation.

Here's Styx giving commentary on what's happening over there.

https://www.youtube.com/watch?v=PCGt0vVaqbQ