General Motors expects over $5 billion in non-cash charges and writedowns from restructuring its joint venture operations with SAIC Motor Corp. in China. The company anticipates writing down $2.6 billion to $2.9 billion in value and incurring $2.7 billion in restructuring charges. GM’s operations in China have shifted from profit to liability as competition from domestic automakers and changing consumer perceptions take a toll. GM believes the restructuring plan will improve results by 2025 without requiring new cash investments.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02General Motors expects over $5 billion in non-cash charges and write-downs from
00:07reconstructing its joint venture operations with SAIC Motor Corp. in China. The company
00:13anticipates writing down $2.6 billion to $2.9 billion in value and incurring $2.7 billion
00:20in reconstruction charges. GM's operations in China have shifted from profit to liability
00:25as competition from domestic automakers and changing consumer perceptions take a toll.
00:30GM believes a reconstructing plan will improve results by 2025
00:34without requiring new cash investments.