Posted on 04/20/2017 6:45:42 PM PDT by Red in Blue PA
DETROIT - General Motors (GM) says it has halted operations in Venezuela after authorities seized a factory.
The plant was confiscated on Wednesday in what GM called an illegal judicial seizure of its assets.
The Detroit automaker says in a statement Thursday that other assets such as vehicles were taken from the plant, causing irreparable damage.
(Excerpt) Read more at cbsnews.com ...
Go Trump!
This never happens in socialist countries, does it? GM could never have anticipated this...
Response from the DNC: “Wonderful news!”
This is what occurs with *all* Socialist regimes.
Maybe they can buy the tooling and start making Trabants there. Or if they want to go high-end, maybe they can get the tooling for cold war Lada models.
Purchasing power has eroded and salaries annihilated as a result. On the black market, $1,000 in savings when Maduro was elected in 2013 would now be worth less than $5.
http://mobile.reuters.com/article/idUSKBN17M27K
Yikes!
Venezuela took ‘Government Motors’ seriously.
That’s incentive enough for companies ‘to come home’ to America.
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Venezuela was not socialist then.
How good is your sixty year precognition?
The day Chavez was declared president should have been the day pulling out began.
Any US company that has assets there is a fool. Strip what you can when you leave and destroy the rest. Throw the keys to the building out in the street. Why let the gov’t. looters have anything?
GM probably was buddy-buddy with chavez, so no sympathy.
Go watch Russian car crash videos on youtube. Possibility a Lada is one of the cars? About 50%.
CC
Go watch Russian car crash videos on youtube. Possibility a Lada is one of the cars? About 50%.
CC
You see some ups, you see some downs. And 90% of the time you can work with them.
You pull out every time there is a government turnover and you do business nowhere.
By the time they knew they were dealing not with the normal corrupt egotist but a genuine wrecking ball it was too late to pull anything out.
The place was probably a lessor assembly plant, not manufacturing.
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