Venezuelan government illegally seizes GM's Valencia plant

truckofwinandawesome · April 20, 2017

Apparently, GM had to halt all operations of its subsidiary down in Venezuela because the increasingly authoritarian government seized the plant and all of its equipment and vehicles. And from what I have read so far, ever since oil prices tanked in 2014, Venezuela has been on the verge of economic collapse with triple digit hyperinflation, the Venezuelan Bolivar being nearly worthless, and increasing unemployment.

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O_J_Simpson · April 20, 2017

Another case of GM following Ford, but this time it is not by choice. Ford knew when to bail. GM stayed until everything was taken away. If I had any assets left in that country I would have bailed a long time ago taking what I could.

diyer2 · April 20, 2017

Another case of GM following Ford, but this time it is not by choice. Ford knew when to bail. GM stayed until everything was taken away. If I had any assets left in that country I would have bailed a long time ago taking what I could.

Maybe they wanted the write off for taxes so they didn't care.

O_J_Simpson · April 20, 2017

Maybe they wanted the write off for taxes so they didn't care.

A write off is when you pay $1 to save about 25 cents or what ever your tax rate is. In this case, GM lost its assetts. Not a good way to have a positive effect on the bottom line. Makes EBTIDA look really bad to the stock holders.

Colossus · April 22, 2017

GM needs to hire a private security force and go back in and take back what is rightfully theirs. And kick some butt in the process.

O_J_Simpson · April 22, 2017

GM needs to hire a private security force and go back in and take back what is rightfully theirs. And kick some butt in the process.

Does not work that way in a socialist country. Doing that, you are a threat to the government and get eliminated...for good.

Coby7 · April 22, 2017

What was produced at that plant?

O_J_Simpson · April 22, 2017

What was produced at that plant?

Motor Vehicles

Coby7 · April 22, 2017

Very funny!!! I should have specified which vehicle was produced at that plant.

j-ten-ner · April 22, 2017

http://www.gm-trucks.com/forums/topic/200443-gm-says-adios-to-venezuela-as-plant-is-siezed/

"GM issued the statement below this post. In recent years, GM had offered three Chevy models for sale in the country. The Orlando, a compact/midsize crossover with three rows (that we don't have an equivalent of here), the Cruze, and the Aveo. GM also sold a commercial truck in the country."

so long

j-ten-ner

pickmeup · April 22, 2017

Please don't tell me Venezuela is going to start production up as a country and name it ''Government Motors ''

barry G · April 23, 2017

Please don't tell me Venezuela is going to start production up as a country and name it ''Government Motors ''

Motores generales

pickmeup · April 23, 2017

Motores generales

LOL.

O_J_Simpson · April 24, 2017

Please don't tell me Venezuela is going to start production up as a country and name it ''Government Motors ''

You can bet negotiating with the dealer would be cut throat.

Likarok · April 26, 2017

I can't believe the Donald has not spouted off about this! I guess he would rather bash his Canadian friends over 2x4s and milk than an American company being forced out of there own plant that it has been operating since 1948!