BUZZ-GM shares down after automaker to take more than $5 bln in charges on China operations** Shares of General Motors GM.N down 1.3% at $52.97 premarket
** GM told shareholders it would record two non-cash charges totaling more than $5 billion on its joint venture in China
** GM expects the charge for restructuring costs to be $2.6 to $2.9 billion and the charge for reduced joint-venture value to be $2.7 billion
** Most of the charges will be recorded in the company's fourth-quarter earnings
** GM partners with SAIC Motors 600104.SS in China to build Buick, Chevrolet and Cadillac vehicles
** As of last close, shares up ~48% YTD
(Reporting by Rupali Chaudhary in Bengaluru)
((Rupali.Chaudhary@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments