For much of this year, we've been covering the rise of the Chinese auto industry as primarily a problem for the European auto industry.
China was like a giant money-printer for GM for more than a decade... Now, Chinese drivers want Chinese cars, in large part because their electric vehicle and plug-in hybrid technology far surpasses what the rest of the world can do.
GM sales have been plummeting in China for years and the entire operation now needs restructuring. The cost of that is more than $5 billion.
GM said in a Dec. 4 regulatory filing that it will take noncash charges of $2.7 billion for the restructuring and $2.6 billion to $2.9 billion to account for the diminished value of its equity in the 50-50 joint venture with SAIC Motor Corp.
#chinese-auto-industry #general-motors #automotive-competition #electric-vehicles #market-restructuring
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