GM is struggling so much in China, it had to announce massive charges to fix its business
CNN
China, once GM’s largest and most important market, has become its biggest problem.
China, once GM’s largest and most important market, has become its biggest problem. 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 expects the charge for restructuring costs to be $2.6 to $2.9 billion and the charge for reduced joint-venture value to be $2.7 billion. The automaker’s shares were down 2.7% before the bell. GM partners with SAIC Motors in China to build Buick, Chevrolet and Cadillac vehicles. The company’s board of directors determined that the non-cash charges were necessary “in light of the finalization of a new business forecast and certain restructuring actions” with the joint venture, according to a company filing.
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