General Motors, one of the world's largest corporations, has become the latest company to pull its operations from Venezuela following the government's illegal seizure of GM's local vehicle assembly plant, per the N.Y. Times.
Why this matters: The auto industry has plunged in Venezuela under heightened political tensions, corruption, high crime rates, harsh currency restrictions, and a failing economy. As a result, 2,700 workers have lost their jobs.
- Automakers sold roughly 3,200 vehicles last year compared with the more than 17,000 in 2015
- Last year, automakers made only 4,900 vehicles, including heavy-duty pickups, down from 31,000 in 2015.