General Motors is set to take a significant hit in the fourth quarter of this year due to the underperformance of its Chinese joint ventures. The Detroit automaker announced that it will be writing down assets and incurring a restructuring charge exceeding $5 billion.
As per a regulatory filing, GM will be reducing the value of its equity stake in the ventures by $2.6 billion to $2.9 billion. Additionally, the company will be taking $2.7 billion in restructuring charges, with the majority of it expected in the fourth quarter.
