GM takes $5 billion hit from struggling business in China
General Motors told shareholders on Wednesday that it would record more than $5 billion in two non-cash charges in the fourth quarter due to ailing business in China, causing the automaker to make fewer models and close down manufacturing plants.
GM China to take $5B hit; ‘there will be no comeback story,’ expert says
GM’s issues in China are no surprise to the automaker. The company lost $347 million in the region through Q3 of this year and saw sales slipping 19% through the same period compared to a year ago. China autos expert Michael Dunne of Dunne Insights believes the situation in China won’t improve and that GM might need to exit.
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.
GM to take more than $5 billion in charges on China operations
General Motors told shareholders on Wednesday that it would record two non-cash charges totaling more than $5 billion on its joint venture in China, one related to the restructuring of the operation and another reflecting its reduced value.
GM Takes $5B Hit to Restructure Struggling China Ventures
GM reported a $347 million loss from these ventures between Jan. and Sept., compared with a $353 million profit during the same period in 2023.
GM Sees $5 Billion Hit to Revamp Its Troubled China Business
General Motors Co. will incur more than $5 billion in charges and writedowns tied to its troubled operations in China as the automaker tries to salvage its once-profitable business in the world’s largest car market.
General Motors to Take $5 Billion Charge on 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 writes off more than $5bn from value of China businesses
General Motors is to write off more than $5bn from the value of its businesses in China, as slowing demand in the country hits carmakers. In an announcement on Wednesday, GM said that there was a “material loss in value of our investments in certain of the China joint ventures .
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