News
GM Writes Billions Of Dollars On Chinese Operations
General Motors (GM) expects to record more than $5 billion (4.8 billion euros) in costs and write-downs due to its struggling operations in China.
The company is trying to salvage its once-profitable position in the world’s largest car market but faces fierce competition from Chinese manufacturers.
GM is writing down up to $2.9 billion in the value of its partnership with China’s SAIC Motor, according to a filing with the U.S. regulator. The company is also counting on $2.7 billion in costs for plant closures and a restructuring of its operations in China.
The new measures come after years of decline for GM in China, while local automakers have flourished thanks to generous subsidies and a wide range of popular new electric models.
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