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.
-
Celebrities Auto5 days agoZimbabwe President’s Latest Ride Is Armored Rolls-Royce Cullinan, Joins Maybach S-Class Sedan And SUV
-
Car Theft1 week agoOyo Police Bust Trans-National Car Theft Syndicate, Recover Stolen Lexus RX 350
-
News6 days agoPutin Test-Drives Chinese-Designed Volga K50 Built At Former Volkswagen Plant
-
News1 week ago1997 Cadillac DeVille d’Elegance: Why Dolly Parton Donated Her Favorite Car After 10 Years
-
Celebrities Auto5 days agoWhy Burkina Faso’s President Traoré Rejects Luxury SUVs For 2011 Toyota ‘Buffalo’ As Official Car
-
Celebrities Auto1 week agoBurna Boy Lifts ₦1.6B Ferrari Testarossa Into His 26th Floor Penthouse
-
News6 days ago₦5.6 Billion ($3.5M) G-Stallion: Carlex Unveils One-Off G-Wagon With Horse-Inspired Roof Artwork
-
News5 days ago₦1.3 Billion Armored Rezvani Vengeance Lands In Nigeria Amid Insecurity, 2027 Elections