General Motors Faces $5 Billion Charge Due to Poor Performance in China

General Motors has announced a significant charge exceeding $5 billion due to losses from its joint ventures in China. The automaker will write down asset values by $2.6 to $2.9 billion and forecast an additional $2.7 billion in restructuring costs. The charges, primarily non-cash, will lead to a reduction in net income but not affect adjusted earnings. GM's operations in China have deteriorated significantly due to increased domestic competition and a lack of profitability, prompting the need for strategic restructuring in anticipation of potential recovery by 2025.