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GM Trims 13% of Its Workforce in Venezuela
General Motors Co. will lay off 446 of the 3,400 workers at its assembly plant in Valencia, Venezuela, according to the Associated Press.
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General Motors Co. will lay off 446 of the 3,400 workers at its assembly plant in Valencia, Venezuela, according to the Associated Press.
Car production in Venezuela plummeted more than 70% last year as local sales plunged to 99,000 vehicles from a peak of 492,000 in 2007. Foreign companies have struggled even to meet lower production levels because they can't obtain hard currency from the government with which to buy imported parts.
Several carmakers and U.S. suppliers began temporarily suspending production in the country last summer. Ford Motor Co. took an $800 million charge in the fourth quarter to write off its operations in Venezuela. Dana Holdings Corp. sold its Venezuelan factories to a local partner late last year.
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