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China, SAIC Motor
General Motors is taking a $5 billion-plus hit on its operations in China
GM said it would write down the value of its joint venture with China's SAIC Motors by as much as $2.9 billion and incur restructuring charges.
General Motors Takes $5 Billion Hit From Ailing China Business
The charge marks the latest example of how global automakers are struggling in China as local consumers embrace electric vehicles from homegrown brands.
General Motors sees more than $5.3B in charges related to China business
Company owns an equity interest in SAIC General Motors Corporation Limited, or ‘SGM,’ a 50-50 joint venture with SAIC Motor Corp., and an equity interest in SAIC-GMAC Automotive Finance Company Limited.
8h
‘Race to the bottom’: General Motors grapples with huge losses, uncertain future in China
General Motors CEO Mary Barra has said that China’s crowded market is a “race to the bottom”. For GM, it’s a contest that’s ...
3h
General Motors Faces $5 Billion Hit Amid Struggles in Chinese Market
General Motors faces a $5 billion hit in China due to writedowns and restructuring. Learn how GM plans to navigate market ...
1d
GM Announces More Than $5 Bn Hit To Earnings In China Venture
General Motors announced Wednesday it will book more than $5 billion in losses and write-downs due to the restructuring of ...
11h
Bitcoin Crosses $100,000| GM-SAIC Joint Venture Reports $5BN In Losses In China| The World Report
Bitcoin has crossed the $100,000-mark for the first time on Thursday. According to data provider CoinGecko, the total value ...
1d
General Motors China JV Woes Trigger Billions In Charges: Details
General Motors Company (NYSE:GM) shares are trading lower on Wednesday after the company concluded that a material impairment ...
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