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 $2.9bn, and record an additional $2.7bn in restructuring charges.
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