GM says Venezuela has seized its car plant

[silvrsvt]

http://money.cnn.com/2017/04/20/news/gm-venezuela-plant-seized/

[rperez817]

This is nothing new in Venezuela. Nicolás Maduro is continuing Hugo Chávez' policy of 'Chavismo'.

 

In 2009, Chávez seized a pasta factory operated by Cargill. The manner was very similar to how the Maduro government took GM's Valencia car and truck factory this week.

[rmc523]

I'm not going to pretend to know much about it, but if the government is corrupt/dictatorial/taking over things, is there much "legal action" GM can really take?

[fordmantpw]

I'm not going to pretend to know much about it, but if the government is corrupt/dictatorial/taking over things, is there much "legal action" GM can really take?

 

I don't think there is much you can do in countries like that. You're just at their (non)mercy.

[bdegrand]

http://money.cnn.com/2017/04/20/news/gm-venezuela-plant-seized/

Is the Ford Valencia plant still operating in Venezuela?

[rperez817]

I'm not going to pretend to know much about it, but if the government is corrupt/dictatorial/taking over things, is there much "legal action" GM can really take?

 

Practically speaking, no sir. Last year, Maduro effectively suspended constitutional rights in Venezuela. Like Chávez, Maduro is opposed to free market economic policies.

 

It's very unlikely GM will get its plant in Valencia back from the government. Cargill never got back the rice and pasta factory seized by Chávez in 2009. The company still operates other facilities in Venezeula, though.

[rperez817]

Is the Ford Valencia plant still operating in Venezuela?

 

No sir, as far as I know. Ford's plant in Valencia, Venezuela shut down in December. It was supposed to resume operations this month. But by the way things are going in Venezuela, I doubt the plant started up again. http://www.reuters.com/article/us-ford-motor-venezuela-idUSKBN149266

[rmc523]

 

I don't think there is much you can do in countries like that. You're just at their (non)mercy.

 

Right, that's exactly what I'm getting at.

[2b2]

 

I don't think there is much you can do in countries like that. You're just at their (non)mercy.

keeping in mind that I'm not in ANY position of responsibility (for anything),

I've certainly enjoyed my fantasies about the U.S nationalizing all VW assets

[J-150]

And yet the Socialists here dont see anything wrong.

[twintornados]

And yet the Socialists here dont see anything wrong.

.

There are socialists here on BON???

[J-150]

.

There are socialists here on BON???

Good gawd i hope not. I meant US and Canada.

[twintornados]

So.....no more Cavaliers?? DAMNIT!!!

[rperez817]

So.....no more Cavaliers?? DAMNIT!!!

 

Chevrolet Cavalier is still made and sold in China. http://www.chevrolet.com.cn/cavalier/

 

[twintornados]

 

Chevrolet Cavalier is still made and sold in China. http://www.chevrolet.com.cn/cavalier/

.

<whew> Dollar rent-a-car was in a free-fall panic.

Edited April 22, 2017 by twintornados

[silvrsvt]

 

Chevrolet Cavalier is still made and sold in China. http://www.chevrolet.com.cn/cavalier/

 

 

 

Its a rebadged Cobalt?

[rperez817]

 

Its a rebadged Cobalt?

 

No sir. New Chevy Cavalier in China is actually a heavily revised first generation Cruze. It's sold at a lower price point than the completely new second generation Cruze.

[jpd80]

Does anyone have a handle on how much of the respective losses in GM and Ford's

South American divisions is attributed to plant (asset) write downs?

 

Sounds like continuing problems in South America are dragging down the books for both corporates,

is it just one or two countries or across the whole region?

[rperez817]

Sounds like continuing problems in South America are dragging down the books for both corporates,

is it just one or two countries or across the whole region?

 

Brazil and Argentina mostly. These two countries are the largest markets by far in South America for Ford and General Motors. Guyana and Suriname probably don't mean much to either company.