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GM halts operations in Venezuela, factory seized

GM VenezuelaGeneral Motors has stopped doing business in Venezuela after authorities took control of its only factory.

GM called the move an illegal judicial seizure of its assets.

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The Valencia plant was confiscated on Wednesday as anti-government protesters clashed with authorities in a country that is roiling in economic troubles such as food shortages and triple-digit inflation.

The Detroit automaker said in a statement Thursday that other assets such as vehicles were taken from the plant, causing irreparable damage to the company.

“The seizure was granted and enforced in total disregard of (General Motors Venezuela’s) right to due process, causing irreparable damage to the company,” the automaker said in a statement. The company says it will defend itself legally inside and outside of Venezuela.

GM builds a relatively small number of vehicles in Venezuela and its sales there are miniscule in comparison to the 10 million vehicles it sold last year globally.




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