GM takes $5bn loss on Chinese business
By Iain Gilbert
Date: Wednesday 04 Dec 2024
(Sharecast News) - US automotive giant General Motors' Chinese business has taken a $5.0bn charge amid an ongoing slowdown in what was once its largest market.
GM said on Wednesday that it had experienced a "material loss in value" to its investments in certain China joint ventures.
As a result, the Detroit-based firm stated that it will now write down the value of its interest in its Chinese JVs by as much as $2.9bn. It will also record an additional $2.7bn in restructuring charges.
As of 1330 GMT, GM shares were down 0.99% at $53.13 each.
Reporting by Iain Gilbert at Sharecast.com
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