General Motors ceases operations in Venezuela

General Motors ceases operations in Venezuela
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General Motors (GM), an American corporation engaged in design, manufacture, and distribution of vehicles and their parts, announced an immediate termination of all its operations in Venezuela, Reuters reports.

GM is phasing down the production in the country amid a deepening economic crisis in Venezuela.

According to a statement released by the company, on Wednesday, the factory of GMV (General Motors Venezolana) suddenly came under the state control, which has become a hindrance to normal operations. In addition, GM noted that the company's assets, such as cars, were illegally brought from the facility’s territory.

The press service of GM claim that the incident will cause irreparable damage to the company, its 2.6 million employees, 79 dealers and suppliers.