GM to Record Over $5 Billion in Losses from Struggling China Operations

The automaker cites fierce local competition and declining market share as it restructures its joint venture with SAIC Motor.

General Motors announced over $5 billion in non-cash charges and restructuring costs related to its joint venture with China's SAIC Motor.
The charges include $2.6 to $2.9 billion in impairment losses and $2.7 billion for restructuring actions like plant closures and portfolio adjustments.
GM's sales in China have dropped by 59% this year, with its market share falling from 15% in 2015 to 8.6% in 2023, as local competitors like BYD dominate the market.
The automaker has faced three consecutive quarters of losses in China, totaling $347 million so far in 2024, after years of profitability in the region.
CEO Mary Barra remains committed to China but acknowledges the challenges, emphasizing plans to stabilize market share and improve profitability by 2025.