GM to write down value of China business by more than $5bn

GM’s headquarters in Shanghai, China, in 2022. Photograph: Aly Song/Reuters

General Motors told shareholders on Wednesday that it would write down the value of its China business by more than $5bn.

The company’s board of directors determined that the non-cash charges were necessary “in light of the finalization of a new business forecast and certain restructuring actions” with the joint venture, according to a company filing.