GM China to take $5B hit; ‘there will be no comeback story,’ expert says
GM’s issues in China are no surprise to the automaker. The company lost $347 million in the region through Q3 of this year and saw sales slipping 19% through the same period compared to a year ago. China autos expert Michael Dunne of Dunne Insights believes the situation in China won’t improve and that GM might need to exit.
General Motors is taking a $5 billion-plus hit on its operations in China
GM said it would write down the value of its joint venture with China's SAIC Motors by as much as $2.9 billion and incur restructuring charges.
GM to take more than $5 billion in charges on China operations
General Motors told shareholders on Wednesday that it would record two non-cash charges totaling more than $5 billion on its joint venture in China, one related to the restructuring of the operation and another reflecting its reduced value.
General Motors to Take $5 Billion Charge on China Business
General Motors said it expects to incur more than $5 billion in impairment charges and writedowns in the fourth quarter related to its joint venture with China’s SAIC Motor.
General Motors writes off more than $5bn from value of China businesses
General Motors is to write off more than $5bn from the value of its businesses in China, as slowing demand in the country hits carmakers. In an announcement on Wednesday, GM said that there was a “material loss in value of our investments in certain of the China joint ventures .
Losses in China lead to $5 billion charge for General Motors as it cuts the value of its assets
The poor performance of General Motors’ Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of this y
General Motors Takes $5 Billion Hit From Ailing China Business
The charge marks the latest example of how global automakers are struggling in China as local consumers embrace electric vehicles from homegrown brands.
China Just Showed Washington How It Plans to Fight the Next Trade War
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Volkswagen exits controversial Xinjiang plant amid political pressure
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Volkswagen Sells Plant In China’s Xinjiang Region After Years Of Forced Labor Allegations
Earlier this year, the U.S. blocked imports of several Porsche, Bentley, and Audi vehicles amid concerns that they contained ...
GM is struggling so much in China, it had to announce massive charges to fix its business
China, once GM’s largest and most important market, has become its biggest problem. General Motors told shareholders on Wednesday that it would record two non-cash charges totaling more than $5 ...
Volkswagen to Exit China’s Xinjiang Region After 12 Years
The automaker has long been criticized by human rights activists for doing business in the territory, where China has ...
Volkswagen to exit China's Xinjiang, sell factory
German car giant VW said that it would sell its factory and test track in Xinjiang for "economic reasons." China has been ...
Volkswagen and Chinese partner SAIC to sell joint venture plant in west China's Xinjiang
Volkswagen and SAIC Motor say they have agreed to extend their 40-year-old automaking joint venture in China until 2040 ...
Volkswagen To Sell Operations In China's Xinjiang
German car giant Volkswagen said Wednesday it would sell its operations in China's Xinjiang region, where Beijing has been ...
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Volkswagen divests from controversial plant in China's Xinjiang
German carmaker Volkswagen is withdrawing from its controversial involvement in a factory in China's Xinjiang province, which ...
Volkswagen’s woes mount as workers go on strike across Germany
Tens of thousands of Volkswagen workers are taking part in strikes at plants across Germany Monday, marking the largest ...
German firms' China market sentiment falls to record low, survey shows
Business sentiment among German companies in China is at an all-time low, a German business lobby group said on Wednesday, as ...
From China Woes To EV Troubles, VW Faces Rocky Road
As Volkswagen seeks to push through a drastic restructuring with billions of euros in cuts, workers nationwide on Monday ...