另一份文件显示，在周三宣布减记之前，截至2023年底，通用汽车对其与上汽合资企业的股份估值为64亿美元。通用汽车减记其在华合资业务的价值表明，该公司承认其在华业务无法再产生像以前那样的盈利。此外，27亿美元的费用与通用汽车重组在华合资企业的计划有关，该计划包括关闭工厂并削减不盈利的车型。General Motors stated in a securities filing on Wednesday that it expects to impair the value of its joint venture business in China by $2.9 billion, with an additional $2.7 billion in expenses from plant closures and restructuring in China.
According to documents submitted by General Motors, most of the non-cash items will be recognized in the fourth quarter. The impairments and expenses incurred will not affect General Motors' adjusted earnings.
General Motors is attempting to salvage its once profitable business in the world's largest auto market. In the fiercely competitive Chinese auto market, GM incurred a loss of $0.347 billion in the first nine months of this year, compared to a $2 billion profit in its Chinese operations in 2017.
Another document indicates that as of the end of 2023, prior to announcing the impairments, General Motors valued its stake in the SAIC joint venture at $6.4 billion. The impairment of its joint venture business in China signifies the company's recognition that its Chinese operations can no longer generate profits as they did before. Additionally, the $2.7 billion in expenses are related to General Motors' restructuring plans for its joint ventures in China, which include plant closures and the reduction of unprofitable models.
General Motors spokesperson Jim Cain stated that despite facing challenges in the Chinese market, General Motors and SAIC believe the joint ventures can return to profitability. He noted that the company expects these businesses to progress without additional capital investment from General Motors.
