General Motors Reports $8 Billion Loss in China

General Motors (GM) has announced over $5 billion in non-cash charges due to a significant restructuring of its joint venture operations with SAIC Motor Corp in China, reflecting severe challenges in a market that was once profitable for the company. The restructuring, which includes plant closures and adjustments to its product lineup, comes as GM's market share has plummeted to 8.6%, its lowest in two decades, and sales at the SAIC-GM venture have dropped by 59% this year. CEO Mary Barra acknowledged the unsustainable nature of the market, citing increased competition from local brands like BYD and Geely, which offer aggressively priced electric vehicles. The losses involve a write-down of up to $2.9 billion in the joint venture's value, alongside $2.7 billion in restructuring costs. GM aims for a turnaround by 2025 without requiring new cash investments from the U.S. automaker. The announcement has led to a 2.7% decline in GM's shares during premarket trading as investors react to the grim outlook.