General Motors announced Wednesday it will book more than $5 billion in losses and write-downs due to the restructuring of its China joint venture. Facing heavy competition in China that has forced automakers to cut retail prices, the SAIC General Motors Corporation is restructuring operations, resulting in non-cash impairment of between $2.

General Motors hits $5 billion loss due to restructuring of China joint venture

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General Motors hits $5 billion loss due to restructuring of China joint venture