Build a plant in the country because the government insists they "build Venezuelan", keep the plant running at a loss even after everyone bugs out and this happens.
I don't know if GM was schmoozing the Venezuelan government or they were stupid.
I would guess it might have something to do with the US Foreign Corrupt Practices Act (FCPA). FCPA is a far reaching law which precluded bribery all over the world. (If your 3rd tier subcontractor even buys a dinner for a local official in some emerging market, the US based corporate entity can be fined. Really crimps business in some cultures.)
General Motors Quits Venezuela After Officials Seize Plant
General Motors said Wednesday it has been forced to stop operating in Venezuela after one of its plants was illegally seized by local authorities.
The seizure, in the country's industrial hub of Valencia, comes amid a deepening economic and political crisis that has sparked weeks of deadly street protests.
General Motors Venezolana, GM's local subsidiary, did not provide any details about the seizure, other than to say the facility "was unexpectedly taken by authorities, preventing normal operations." It said other assets, "such as vehicles," had also been stripped from the site.