General Motors Announces $5 Billion Charge for China Restructuring

General Motors (GM) has announced a significant restructuring of its Chinese operations, resulting in over $5 billion in asset writedowns due to ongoing losses in what was once its most profitable market. The company revealed plans to write down between $2.6 billion and $2.9 billion on its joint venture with SAIC Motor Corp., alongside an additional $2.7 billion for restructuring efforts, including potential plant closures. GM's market share in China has plummeted from 15% a decade ago to 8.6%, with a staggering 78.5% drop in equity income since 2014. The automaker has faced three consecutive quarterly losses in the region this year, totaling $347 million, as local EV manufacturers dominate the market. CEO Mary Barra acknowledged the challenges posed by rising nationalism and competition from homegrown brands. GM's struggles mirror broader issues faced by legacy Western automakers in China, prompting a reevaluation of their strategies.