Reuters —
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.
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