General Motors is taking a $5 billion-plus hit on its operations in China
Kimberly White/Getty Images for TechCrunch
General Motors is set to take a hit of more than $5 billion on its operations in China amid an onslaught of competition from local rivals.
The Detroit automaker said it would write down the value of its joint-venture operation with Chinese partner SAIC Motors by as much as $2.9 billion and incur a further $2.7 billion in charges as it looks to restructure the business, according to a securities filing released on Wednesday.
GM shares fell 1.3% in premarket trading.
This is a breaking news story. Please check back for updates.
Read the original article on Business Insider