Mexican Media Brands
GM Takes $400 Million Hit on Venezuelan Currency
General Motors Co. will take a pretax charge of $400 million in the first quarter of 2014 caused by its own devaluation of Venezuela's currency.
#economics
Share
General Motors Co. will take a pretax charge of $400 million in the first quarter of 2014 caused by its own devaluation of Venezuela's currency.
In a regulatory filing, GM says it will use an exchange rate of 10.7 bolivars to the U.S. dollar, not the official rate of 6.3 bolivars to the dollar. The new rate is a government calculation based on periodic auctions.
Earlier this week Ford Motor Co. said it will take a $350 million first-quarter charge for the same reason.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data