General Motors Closing Factory In Ecuador, Laying Off 320 Workers

General Motors will shutter its factory in Ecuador on Friday and lay off 320 workers who manufacture more than half of the country's domestically built cars.

But the Detroit-based automaker will continue to maintain dealerships to sell vehicles there, Reuters reported Monday.

"I have mixed feelings — I'm welding my last truck for General Motors in Ecuador," said Antonio Oramas, who started working at the plant in 2004. "It will affect us a lot. Not all of us will have the same opportunity for a new job."

The factory in the capital city of Quito produced 51% of all cars made in Ecuador but faced pressure from local competitors, according to Reuters.

The South American country's unemployment rate was 4.1% during the first quarter of the year, Reuters said, citing official figures.

GM announced in April that it would close the factory in the capital city of Quito and another in neighboring Colombia as part of its plan to ramp up production of electric vehicles and stop selling gas-powered cars by 2035.

The company has introduced electric versions of its Chevrolet Silverado pickup truck and Blazer and Equinox SUVs, as well as luxury electric Cadillac models Lyriq and Celestiq.

GM stock closed Friday at $49.78 a share, up 0.6% for the day and 38% for the year.