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GM global revenues were affected by Venezuela's foreign exchange policy

GM global revenues were affected by Venezuela's foreign exchange policy

Posted by Dubraswka Aguilar on April 19, 2014

This friday, General Motors said that they still are facing troubles with their business fluctuation in South America during the first quarter of this year, because it is so difficult to find foreign exchange in Venezuela, among other troubles.

Dan Ammann, president of GM said that "South America still is a problematic area for Chevrolet and we are facing so many difficulties to find foreign exchange, specially in Venezuela"

In South America, the loss of sales of the U.S. firm in the first three months of the year were 23,832 vehicles, which reduced sales by 211,046 units to the region, Reuters reported.
However, GM's global sales of 2014 increased 2% in the first quarter, compared to the same period in 2013. Despite that, GM's sales rose in two markets, China and Europe.

The global market share of GM in the first quarter of this year was 11.1% compared to 11.3% a year ago. China was the market with the best auto sales during the first three months of the year, adding 919,114 vehicles, the highest in its history, 13% higher than a year ago.

GM also pointed that the economic situation in Europe allowed to slightly increase sales (2,435 vehicles, reaching 337,545). In Britain and Germany, sales increased in this quarter. In the U.S., GM sold 649,637 vehicles, while in Brazil the sales was near to 137,000 units. Sales in North America fell by 16,343, to have a total 745,123 units in sales.

In its international operations, which includes the rest of the market, GM sold 203,200 vehicles, 10,009 fewer than a year ago.
 

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