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Enter Symbol
or Name
USA
CA



General Motors Company
Symbol GMM
Shares Issued 1,510,595,425
Close 2017-05-02 U$ 33.07
Market Cap U$ 49,955,390,705
Recent Sedar Documents

Globe/wire say GM writes down Venezuela operations

2017-05-03 07:42 ET - In the News

The Globe and Mail reports in its Wednesday, May 3, edition that General Motors said on Tuesday it would take a charge of up to $100-million (U.S.) after a judge ordered the seizure of its plant in Valencia last month, a move that prompted the halting of its operations in Venezuela. A Reuters dispatch to The Globe reports that GM said it was deconsolidating its business in the country following the seizure of its Valencia plant on April 18 by judicial authorities, which led GM to fire 2,700 workers. The plant had not produced a car since the beginning of 2016 because of parts shortages and strict currency controls. GM said executives have expressed a willingness "to talk with government officials and union leaders about the circumstances under which it could be possible to start production and employ some number of workers with a new, viable business model." Total auto production in Venezuela fell to a historic low of 2,849 cars in 2016, about 75 per cent less than the year before. In the first two months of 2017, total Venezuelan auto production was just 240 vehicles, down 50 per cent over the same period last year. Declining auto production comes amid rising protests.

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