G.M.’s Ailing China Business Will Deal It a $5 Billion Blow
Published On Dec 4, 2024, 6:46 AM
General Motors is facing significant challenges in China, where it expects to incur over $5 billion in losses due to plummeting car sales and increased competition from Chinese manufacturers. GM's partnership with SAIC Motor has seen a steep decline in market share, dropping from 8.6% a year ago to 6.8%, with sales down nearly 20%. The company is undertaking a restructuring plan aimed at improving its situation, but does not anticipate recovery in the near term, projecting improvements only by 2025.