General Motors to take $1bn hit

Comment on this story
GM logo1 .

Detroit - General Motors will take a charge of approximately 1 billion dollars in the first quarter, a filing to the US Securities and Exchange Commission made clear Thursday.

Currency fluctuations in Venezuela will cost the company 400 million dollars, the filing said.

GM had already set aside 750 million dollars to repair faulty ignition switches in the more than 2.5 million vehicles it has recalled worldwide.

In all, the company has recalled 6.3 million vehicles so far in 2014. Automaker Ford this week also reported a 350-million-dollar charge due to the same Venezuelan currency fluctuations.

GM head Mary Barra appeared before the US Congress this week to explain why the company had for decades ignored an ignition switch problem that led to at least 13 deaths and 31 accidents. - Sapa-dpa



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.