Mexican Media Brands
Ford Takes Writedown on Venezuelan Currency
Ford Motor Co. is taking a $800 million pretax charge in the fourth quarter of 2014 because of its inability to exchange dollars for Venezuelan bolivars.
#economics
Share
Ford Motor Co. is taking a $800 million pretax charge in the fourth quarter of 2014 because of its inability to exchange dollars for Venezuelan bolivars.
Ford says it will ignore the operating results of its Venezuelan unit and ignore the $500 million in cash held by the subsidiary. Instead, the company will count only transactions in which the Venezuelan unit pays its parent company. The new policy took effect on Jan. 1.
The one-time charge will reduce Ford's net income for last October-December by $700 million but won't impact an expected pretax profit.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.