GM to take more than $5 billion in charges on China operations

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GM to take more than $5 billion in charges on China operations

^{Published on 2024-12-05 07:01:34 - Aaron Neefham, N@N}

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

General Motors (GM) announced on December 4, 2024, that it will record charges exceeding $5 billion due to its operations in China, primarily stemming from the devaluation of its equity in its Chinese ventures and the costs associated with restructuring its business in the region. The company expects to take a $3.7 billion charge in the fourth quarter for the revaluation of its equity in its China operations, reflecting the challenging market conditions and increased competition in the world's largest auto market. Additionally, GM will incur about $1.5 billion in charges related to the discontinuation of the production of the Chevrolet Malibu and the closure of its plant in Fairfax, Kansas, as part of its broader strategy to shift focus towards electric vehicles and more profitable segments. These financial adjustments are part of GM's efforts to adapt to the evolving automotive landscape in China and globally.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/gm-take-more-than-5-billion-charges-china-operations-2024-12-04/ ]

Contributing Sources

Aaron Neefham

N@N