Losses in China lead to $5 billion charge for General Motors

DETROIT, Michigan: General Motors (GM) revealed in a regulatory filing on December 4 that it is facing over US$5 billion in charges due to poor performance in its Chinese joint ventures.

The Detroit automaker will reduce the value of its equity stake in the ventures by $2.6 billion to $2.9 billion and incur $2.7 billion in restructuring charges, primarily in the fourth quarter of this year. These noncash charges