GM sees $5 billion impact from restructuring in China
GM’s CEO Mary Barra told Fortune in October that China’s EV price war “has become a race to the bottom with pricing and the level of subsidies.” Barra explained that low-cost loans enable some companies to sell cars at a loss, which puts pressure on foreign automakers like GM.
GM expects more than $5 billion impact from China restructuring, including plant closures
General Motors expects a restructuring of its joint venture operations with SAIC Motor Corp. in China to cost more than $5 billion in charges and writedowns.
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.
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 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 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 .
GM Sees $5 Billion Hit to Restructure 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.
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GM to take $5bn in charges on China venture with SAIC Motor
GM's China headquarters in Shanghai. Sales at SAIC-GM slumped 59% in the first 11 months this year to 370,989 units.
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