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GM to take $400m charge for Venezuelan currency

KDWN

DETROIT (AP) — General Motors Co. says it will take a charge of $400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency.

GM will no longer use the official exchange rate of 6.3 bolivars to the U.S. dollar. It is shifting to a rate of 10.7 bolivars to the dollar.

GM announced the change Thursday in a government filing.

The move came a day after Ford Motor Co. said it will take a $350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.

Both companies will now using another government rate that is determined by periodic auctions.

Ford and GM both have manufacturing plants in Venezuela.

GM to take $400m charge for Venezuelan currency

KDWN

DETROIT (AP) — General Motors Co. says it will take a charge of $400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency.

GM will no longer use the official exchange rate of 6.3 bolivars to the U.S. dollar. It is shifting to a rate of 10.7 bolivars to the dollar.

GM announced the change Thursday in a government filing.

The move came a day after Ford Motor Co. said it will take a $350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.

Both companies will now using another government rate that is determined by periodic auctions.

Ford and GM both have manufacturing plants in Venezuela.

GM to take $400m charge for Venezuelan currency

KDWN

DETROIT (AP) — General Motors Co. says it will take a charge of $400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency.

GM will no longer use the official exchange rate of 6.3 bolivars to the U.S. dollar. It is shifting to a rate of 10.7 bolivars to the dollar.

GM announced the change Thursday in a government filing.

The move came a day after Ford Motor Co. said it will take a $350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.

Both companies will now using another government rate that is determined by periodic auctions.

Ford and GM both have manufacturing plants in Venezuela.

GM to take $400m charge for Venezuelan currency

KDWN

DETROIT (AP) — General Motors Co. says it will take a charge of $400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency.

GM will no longer use the official exchange rate of 6.3 bolivars to the U.S. dollar. It is shifting to a rate of 10.7 bolivars to the dollar.

GM announced the change Thursday in a government filing.

The move came a day after Ford Motor Co. said it will take a $350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.

Both companies will now using another government rate that is determined by periodic auctions.

Ford and GM both have manufacturing plants in Venezuela.

GM to take $400m charge for Venezuelan currency

KDWN

DETROIT (AP) — General Motors Co. says it will take a charge of $400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency.

GM will no longer use the official exchange rate of 6.3 bolivars to the U.S. dollar. It is shifting to a rate of 10.7 bolivars to the dollar.

GM announced the change Thursday in a government filing.

The move came a day after Ford Motor Co. said it will take a $350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.

Both companies will now using another government rate that is determined by periodic auctions.

Ford and GM both have manufacturing plants in Venezuela.

GM to take $400m charge for Venezuelan currency

KDWN

DETROIT (AP) — General Motors Co. says it will take a charge of $400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency.

GM will no longer use the official exchange rate of 6.3 bolivars to the U.S. dollar. It is shifting to a rate of 10.7 bolivars to the dollar.

GM announced the change Thursday in a government filing.

The move came a day after Ford Motor Co. said it will take a $350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.

Both companies will now using another government rate that is determined by periodic auctions.

Ford and GM both have manufacturing plants in Venezuela.