After authorities took control of its only factory there, General Motors has stopped doing business in Venezuela. GM called the action an illegal judicial seizure of its assets.
As anti-government protesters clashed with authorities, the plant was confiscated on Wednesday. The country is roiling in economic troubles such as food shortages and triple-digit inflation.
Causing irreparable damage to the company, the Detroit automaker said in a statement Thursday that other assets such as vehicles were taken from the plant.
GM has about 2,700 workers in the troubled country. It’s been the market leader there for over 35 years. It also has 79 dealers that employ 3,900 people. Its parts suppliers make up more than half of Venezuela’s auto parts market, the company said.
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