General Motors accuses Venezuela of illegally seizing its car factory

On Wednesday, General Motors announced that Venezuelan authorities had illegally seized its factory in the industrial hub of Valencia. The company vowed to immediately take all legal actions just to defend its rights.

The seizure comes amid a worsening economic downtime in leftist-led Venezuela, which has already roiled many American companies.

Yesterday, GMV's factory was suddenly taken by the public authorities. It prevented normal operations. Besides this, other assets of the company, including vehicles, have been illegally taken from its facilities, as the car maker told in its statement.

It told that the seizure would cause irreparable damage to the car maker, including its 2,678 employees, 79 dealers, not to mention its suppliers.

As for Venezuela's Information Ministry, it didn’t immediately respond to a request for information.

Venezuela's car industry has stayed in freefall, affected by an awful lack of raw materials stemming from complex currency controls as well as stagnant local output, and many factories are barely producing at all.

Similar

11.05.2022 10:00 How Will USD React To The US PPI?

The US PPI will come out on Thursday, May 12, at 15:30 MT time.

10.05.2022 10:15 Will CPI push USD higher?

The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).

10.05.2022 10:00 Will oil change the trend after OPEC meetings?

Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.