GM Takes A $5 Billion Hit On Chinese Operations As Troubles Mount

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 U.S. automaker's shares were down 2.7% before the bell.