General Motors ponders withdrawal from Venezuelan market

General Motors (GM) officers disclosed that, in recent meetings with trade union leaders, the company has hinted the possibility of closing its plant in Venezuela, as the corporation is facing problems in the production line. Withdrawal from the country of GM, which controls about 50 percent of the Venezuelan market, will depend on the settlement of serious problems undermining performance in the local market. GM plant in Venezuela has been idle for two months. Initially, General Motors shut down the plant because they run out of parts to assemble vehicles. The company said the Foreign Exchange Management Committee (Cadivi) did not allot US dollars regularly to keep normal operations.Later, GM trade union Vencedores Socialistas (Socialist Winners) blocked access to the facilities of the plant located in the city Valencia, central Carabobo State. The protest, which is still in force, led GM board of directors to instruct workers not to attend the plant in order to avoid risky situations.