General Motors issued the following statement Tuesday on the devaluation of the Chinese Yuan currency.
General Motors’ primary approach to managing foreign exchange risk has been to employ a natural hedge by building vehicles for sale in each of our major markets. In China, we believe that this approach, along with a well-established local supply chain, mitigates a majority of the risk associated with the devaluation of the Yuan. We believe that our exposure is limited and manageable, and do not expect that the devaluation will have a material impact on the company’s financial performance. We continue to expect strong results in China will be sustained through the remainder of the year.