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General Motors said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to “take all legal actions” to defend its rights.
The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.
“Yesterday, GMV’s (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities,” the company said in a statement.
It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.
Venezuela’s Information Ministry did not immediately respond to a request for information.
Venezuela’s car industry has been in freefall, hit by a lack of raw materials stemming from complex currency controls and stagnant local production, and many plants are barely producing at all.
In early 2015, Ford Motor Co wrote off its investment in Venezuela when it took an $800 million pre-tax writedown.
The country’s economic crisis has hurt many other U.S. companies, including food makers and pharmaceutical firms. A growing number are taking their Venezuelan operations out of their consolidated accounts.
Venezuela’s government has taken over factories in the past. In 2014 the government announced the “temporary” takeover of two plants belonging to U.S. cleaning products maker Clorox Co which had left the country.
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The automotive gods proved fair-minded and equitable in their treatment of GM’s micro-ute siblings, giving the Buick Encore the talent and Chevrolet Trax the looks.
Check out the all new 2017 Chevy Trax at Ron Westphal Chevrolet in Aurora, IL. Visit us online at www.WestphalChevy.com.
If you’re looking for a good looking truck, check out our extensive selection at Ron Westphal Chevrolet in Aurora, IL. Or, visit us online.
Did you miss the auction? No problem! We’ve got you covered with an excellent selection of brand new and late-model Camaro and Corvettes in stock. Call our Customer Care Team at 630-898-9630 today to schedule your VIP appointment. Or, visit us online.
Looking for your own slice of sports car heaven? Call our Customer Care Team at 630-898-9630 to schedule an appointment with a Corvette specialist.
Best and Worst State for Drivers
Find out how Illinois ranks. You might be surprised! Click the source link below for details.
Looking for a new ride? Visit our showroom online or stop by our dealership on the corner of Routes 30 and 34 in Aurora, IL. We are nearby Plainfield, Oswego, Naperville and more!
2017 Chevrolet City Express Video Review
Looking for a compact van for your business? Well, look no further. Call Scott O’Malley, our Fleet manager today at 630-898-9630 to schedule your VIP appointment. We also stock a variety of new and pre-owned full size Chevy Express vans too!
We have an entire department devoted to small and big business.
Our finance department will be happy to receive your business application and get you on the road fast in your new Chevrolet.
Our service department ready to maintain your business vehicle whether it’s gas or diesel, van or utility body. We’re ready to earn your business!
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Street Legal Style Driving Shoes
You don’t have to rip around a 32 degree banked turn at 200 mph to get good use out of a pair of Piloti shoes. Car-obsessed celebrities love them, and serious drivers swear by them.
Looking for more than just Corvette or Camaro driving shoes?
Visit our showroom at WestphalChevy.com or drop by anytime. You can reach our Customer Care Team at 630-898-9630.
Inspired by the Corvette C7, Piloti’s specialized co-branded ‘Corvette C7’ driving shoe is a modified version of Piloti’s popular Prototipo. A distinctive black and red color scheme, official C7 crossed flags badging and race-inspired stitching are among the design features the ‘Corvette C7’ driving shoe shares with the Corvette. Visit Piloti.com for details.
RST Special Edition Chevrolet Tahoe and Suburban Review by Car and Driver
The ongoing industry-wide effort to imbue bulky full-size SUVs with styling cues and driving dynamics that intrinsically belie their hefty, oversize stature gains momentum with Chevrolet’s announcement of RST packages for the Tahoe and the Suburban. RST stands for Rally Sport Truck, and the packages start with your choice of four exterior colors (White, Black, Silver […]
Want to drive your own Chevy Tahoe or Suburban? We can make it more affordable than you think!
Call our Customer Care Team now at 630-898-9630 to schedule your VIP appointment. Or, visit our website at www.WestphalChevy.com.