Move lays bare slowdown in what was once the US carmaker’s largest market
General Motors has taken a $5bn charge against its businesses in China, laying bare the slowdown in what was once the US carmaker’s largest market. On Wednesday, GM said that there was a “material loss in value of our investments in certain of the China joint ventures . . . in light of the finalisation of a new business forecast and certain restructuring actions”. The company said that it would write down the value of its interest in its Chinese joint ventures by as much as $2.
Problems in China have also recently led to steep falls in quarterly profit for Toyota, Honda and BMW. GM runs a series of joint ventures in the country alongside SAIC Motor Corp. Earlier this month, VW also announced that it has sold its plant in Xinjiang following scrutiny over its presence in a region of China where Beijing has been accused of widespread human rights abuse.
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