Losses in China lead to $5 billion charge for General Motors as it cuts the value of its assets

DETROIT (AP) — The poor performance of General Motors’ Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of this year. The Detroit automaker said Wednesday in a regulatory filing that it will cut the value of its equity stake in the ventures by $2.6 billion to $2.9 billion when results are reported early next year. In addition, GM will take $2.7 billion worth of restructuring charges, most during the fourth quarter. GM says the noncash charges will reduce the company’s net income, but they will not affect adjusted pretax earnings.