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GM to Take $100 Million Writeoff on Venezuelan Business
General Motors Co. says it will book a charge of as much as $100 million after its assembly plant in Valencia, Venezuela, was seized last month.
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General Motors Co. says it will book a charge of as much as $100 million after its assembly plant in Valencia, Venezuela, was seized last month.
The factory hasn’t made a car in nearly a year because of a collapsed Venezuelan car market and strict currency controls that have made it impossible to supply the facility.
New-car production by Venezuela’s entire auto industry last year shriveled to fewer than 3,000 vehicles, virtually all of them made by Toyota Motor Corp. GM has expressed willingness to discuss with union and government officials about a way to resume limited production with a “viable business model” in the country.
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