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GM warns its employees in Brazil of losses and a plan to return to profitability
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GM warned its employees in Brazil that new investments there were dependent on a painful plan to return to profitability in the country, a memo showed.
Carlos Zarlinga, chief executive of General Motors in Brazil and Argentina, said the operations had reached a "critical moment that would require sacrifices from all" after huge losses were recorded over the past three years.
The note referred to comments made by Chief Executive Mary Parra during investor presentations last week on challenges in South America. "We will not continue pumping money to lose it," she said in a quote repeated by Zarlinga.
The spokesman for General Motors in Brazil did not immediately comment on the memo, which was the first to be reported by the newspaper O Estado di São Paulo.
The bad tone came as a shock to some employees in Brazil, where GM overtook VW Chrysler's deaths to lead the sector's sales as the economy slowly recovered from a sharp fall.
Renato Almeida, vice president of the Sao Jose dos Campos Metal Workers' Union, described GM's statement as "strange."
"The company is going through a good period in Brazil," he said. "They have no justification to let them close the operations."
Zarlinga said regional executives had prepared a "feasibility plan" for senior management in Detroit but still needed to support local unions, suppliers, agents and government ... GM's investments and our future depends on this plan. "
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