General Motors (GM.US) closes Ecuador plant to focus on electrification amid local competition

General Motors (GM.US) will close its plant in Ecuador on Friday, as it faces tough local competition. The plant, which produced more than half of the country's domestic vehicles, will continue to sell its cars in Ecuador, despite the closure, the company said. The plant, which produced vehicles under the Cadillac and Chevrolet brands, announced in April that it would close its production facilities in Quito, Ecuador, and in neighboring Colombia as part of its plan to phase out gasoline vehicles and increase production of electric vehicles by 2035. "It's bittersweet, this is the last truck I'm going to weld for General Motors in Ecuador," Antonio Oramas, the welding team leader, said, adding that he had worked at the plant since 2004. "It's going to affect us deeply. Not everyone is going to get the same new job opportunities." Ecuador's unemployment rate was 4.1% in the first quarter of the year, official data showed. The plant, which accounted for 51% of the country's vehicle production, has been under pressure from fierce competition from local rivals, according to reports. In addition, General Motors is pushing its electrification strategy, launching electric versions of the Chevrolet Silverado pickup truck, Blazer and Equinox SUVs, as well as luxury electric models Lyriq and Celestiq under the Cadillac brand. The stock has risen 38% so far this year and closed Friday at $49.78, up 0.6%.