Operating in Venezuela has been a costly endeavor for years. GM reported charges of $720 million in 2015 and $419 million a year earlier related to currency devaluation and asset impairment in Venezuela.
GM said in its annual report filed in February that it was closely monitoring the environment in Venezuela to assess whether changes meant it no longer maintained control of its local subsidiaries. If such a determination was made, the company said it could incur a charge of as much as $100 million.
Foreign companies operating in Venezuela have been beset by disruptions stemming from goods shortages, strikes and police raids. Coca-Cola Co. halted production of sugar-sweetened beverages last year due to lack of raw materials, following disruptions to Kraft Heinz Co. and Clorox.