12:51 - 5.12.2024

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 December 5, Fineko/abc.az. General Motors (GM) announced that it will incur losses of $5 bn in the 4th quarter of this year because of the poor performance of its joint venture in China.

ABC.AZ reports that the company will reduce the value of its shares in the range of $2.6 bn to $2.9 bn and incur restructuring costs in the amount of $2.7 bn, he said. These steps will reduce the company's net profit, but will not affect operating profit.

Although the GM and SAIC joint venture was profitable before, it made a loss of $347 million in the first nine months of this year. At the same time, GM expects its total net profit to be between $10.4 bn and $11.1 bn. The company stated that the restructuring plans are aimed at adapting to competitive market conditions.

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