Reported about 14 hours ago
General Motors (GM) has announced it will incur more than $5 billion in non-cash charges related to its joint venture operations in China, due to restructuring costs and a decline in the venture's value. Once a profitable segment for the company, GM's China division has been struggling against intense competition and a challenging market, leading to a projected loss of $350 million in the region this year. While GM aims to restructure the venture, the current downturn raises concerns about the sustainability of operations in the competitive Chinese automotive landscape.
Source: YAHOO