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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.
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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.
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