DETROIT–General Motors Co says it will take a charge of US$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 US dollar.It is shifting to a rate of 10.7 bolivars to the dollar.GM announced the change in a government filing.The move came a day after Ford Motor Co said it will take a US$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.
AP