General Motors is set to take a substantial financial hit of over $5 billion due to restructuring efforts aimed at revitalizing its struggling operations in China.
G.M. reported a significant decline in sales and market share in China, dropping nearly 20% in sales and seeing its market share fall from 8.6% to 6.8%.
The company has lost $347 million on its Chinese operations in the first nine months, and this ongoing downturn reflects growing competition from local manufacturers in the EV market.
G.M. is committed to enhancing capital efficiency and a structured turnaround plan with SAIC Motor, aiming for profitability and sustainable operations in China by 2025.
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