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Ford to Take $350 Million Charge on Venezuela Devaluation

Ford Motor Co., which warned in December about volatility in its Venezuelan operations, will take a charge of about $350 million in the first quarter for a change in how it values the South American nation’s currency.

Ford is now using an exchange rate of 10.8 bolivars to the U.S. dollar, compared with the 6.3 rate it used previously, the Dearborn, Michigan-based company said today in a filing with the U.S. Securities and Exchange Commission.