General Motors’ announcement comes as Venezuela’s opposition looks to keep up pressure on President Nicolas Maduro, taking to the streets again Thursday after three people were killed and hundreds arrested in the biggest anti-government demonstrations in years. Oil accounts for 96 percent of Venezuela’s export earnings and the plunge in world oil prices hit the government hard, leaving it owing money across the board, from foreign airlines to oil service companies. The seizure of plants and other foreign assets should be taken as a signal from the government that it does not intend to back down from its current stance. VALENCIA, Venezuela — General Motors announced Thursday that it was shuttering operations in Venezuela after authorities seized its only factory, a dramatic escalation of the chaos engulfing the South American nation amid days of deadly protests.
General Motors halts production in Venezuela after the government seizes its plants.