Blame it on the bolivar – GM scrambles as Venezuela losses loom

It is crunch time for General Motors' production operations in Venezuela, which at the moment are only slated to continue operations for a few more weeks. Tight currency controls by the government have left many global vehicle players with operations in the country short of the US dollars they need to pay suppliers, and output has taken a big hit. Some companies have scaled back operations while others have cut jobs or stopped production entirely. The situation came front and centre at a recent GM 'Behind the Charts' conference call for analysts and institutional investors.