General Motors Flags More Than $5 Billion in China-Related Impairment Charges, Writedowns-March 2024-www.financetom.com

General Motors Flags More Than $5 Billion in China-Related Impairment Charges, Writedowns

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General Motors Flags More Than $5 Billion in China-Related Impairment Charges, Writedowns

Dec 4, 2024 4:21 AM

07:05 AM EST, 12/04/2024 (MT Newswires) -- General Motors ( GM ) said in a regulatory filing Wednesday it anticipates to report more than

$5 billion in impairment charges and writedowns related to its China business.

The company expects to incur an impairment charge of $2.6 billion to $2.9 billion for the quarter ending Dec. 31. on its Chinese joint ventures. The automotive manufacturer also expects roughly $2.7 billion in additional equity losses by implementing SAIC General Motors' restructuring plan.

GM and SAIC General Motors carry out automotive operations in China through various JVs.

Shares of General Motors ( GM ) were down 0.9% in recent Wednesday premarket activity.

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