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GM Likely to Suspend Production in Venezuela
General Motors Co. says in a quarterly regulatory filing it will probably stop making vehicles in Venezuela in July.
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General Motors Co. says in a quarterly regulatory filing it will probably stop making vehicles in Venezuela in July. The country's automotive output shrank 70% in 2014.
The move would coincide with GM's decision last month to shut down its factory in Russia, another troubled market, this summer.
Last weekend GM obtained permission to lay off 13% of the workforce at its factory in Valencia, Venezuela. The plant makes the Chevrolet Aveo minicar, Orlando compact MPV, Cruze sedan and Silverado large pickup truck.
But a chronic inability to obtain U.S. dollars with which to buy imported parts has hobbled GM along with other carmakers in Venezuela. Ford Motor Co. wrote off its operations in the country at the end of last year.
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