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Venezuela?


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#17 Brian

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Posted 20 April 2017 - 12:08 PM

That's crazy why didn't they go for Ford?


Ford ceased operations in Venezuela last year and took an $800M pre-tax charge in its fourth-quarter, resulting in a billion dollar loss for Ford in Venezuela in 2014. Not long after that, Ford stopped accepting bolivars for cars and would only take dollars.

GM ceased production in 2015, actually, but still have 79 dealerships there. (A side note: total production nationwide last year was less than 3000 cars, down from over 170000 in 2007.)

GM has had a lawsuit stuck in the courts there for nearly 20 years. The government claims GM owes a dealership over $600M and this week they seized GM assets. GM had been Venezuela's #1 brand for the last 35 years.

There's a whole list of companies which have pulled operations out of Venezuela in the last decade, as well as a bunch which have been seized by the government (which has also taken over much of the food production in the country -- hence the long lines for things like bread & milk).
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