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More trouble for General Motors in China after 2018 peak
The Guardian
|December 05, 2024
General Motors told shareholders on Wednesday that it would write down the value of its China business by more than $5bn.
The company's board of directors determined that the non-cash charges were necessary "in light of the finalisation of a new business forecast and certain restructuring actions" with the joint venture, according to a company filing.
CEO Mary Barra has been transforming GM's operations in China as the former profit engine slipped to a loss in the last year. Barra told investors in October that they would see improvements from this effort by the end of the year.
The automaker lost about $350m in the region in the first three quarters of this year.
This story is from the December 05, 2024 edition of The Guardian.
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