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
-
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.
-
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.
-
Achieving Efficiency?
A look at on-road fuel economy changes over 92 years.