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GM, FCA May Sell Cars for Dollars in Venezuela
Fiat Chrysler Automobiles and General Motors may join Ford in offering their vehicles in Venezuela for American dollars rather than the country's bolivars, a union official tells Reuters.
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Fiat Chrysler Automobiles and General Motors may join Ford in offering their vehicles in Venezuela for American dollars rather than the country's bolivars, a union official tells Reuters.
U.S. companies have struggled for months to obtain enough hard currency to pay for imported parts to operate their Venezuelan factories. The bolivar is worth only 25% as much against the dollar as it was 12 months ago. But the government-regulated exchange rates, which companies must use, are far more optimistic.
Currency problems, coupled with Venezuela's shrinking economy, caused vehicle production in the country to plunge more than 70% to 99,000 units in 2014. The country's production peaked at 492,000 units in 2007.
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