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GM sees $600 million expense due to currency swings in Venezuela

2015-07-01 09:49:37| Automakers - Topix.net

The largest US automaker and the third biggest in the world, General Motors, has recently announced it would incur a pre-tax charge of around $600 million because of currency devaluation in Venezuela. The move shows automakers are once more in jeopardy if they operate in the South American country, with GM's "re-measurement" being for the automotive cost of sales in the troubled economy during the second quarter of the year, according to a company filling with the US Securities Exchange Commission.

Tags: due million venezuela currency

Category:Automotive

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