( ) -q-27- UNDATED (Correspondent Jeremy House) “adjusted pretax earnings.” 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. [CutID: <Cuts> GM-CHINA-house-q-WEDam.mp3 Time: 27s Title: GM-CHINA-house-q-WEDam Out-cue: adjusted pre-tax earnings] […]
Audio
China losses force GM to take over $5B in charges
( ) -q-27- UNDATED (Correspondent Jeremy House) “adjusted pretax earnings.”
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.
[CutID: <Cuts> GM-CHINA-house-q-WEDam.mp3
Time: 27s
Title: GM-CHINA-house-q-WEDam
Out-cue: adjusted pre-tax earnings]
TAG: B-B-C Correspondent Jeremy House reporting.
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VERBATIM: The Detroit automaker says 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 of it during the fourth quarter. GM says the noncash charges will reduce the company’s net income, but they will not affect adjusted pretax earnings.