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GM to Take Another Writedown on Venezuelan Currency
General Motors Co. says it will book a pretax charge of about $600 million in the second quarter as an exchange-rate adjustment for the weak Venezuelan bolivar.
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General Motors Co. says it will book a pretax charge of about $600 million in the second quarter as an exchange-rate adjustment for the weak Venezuelan bolivar.
GM took a $400 million charge for the same reason in the first quarter of 2014. Ford and Fiat Chrysler also have made one or more adjustments since April 2014 based on their own less favorable exchange rate estimates.
Like other carmakers and several U.S.-based suppliers, GM has been temporarily suspending production in Venezuela for more than a year. In April it reportedly cut the workforce at its factory in Valencia 13%.
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