General Motors said the Audit Committee of its Board of Directors concluded on December 2, 2024 that a material impairment of its interest in SGM was required. The company said it determined that a material loss in value of its investments in certain China JVs is other than temporary.

1. 01

   General Motors said the Audit Committee of its Board of Directors concluded on December 2, 2024 that a material impairment of its interest in SGM was required. The company said it determined that a material loss in value of its investments in certain China JVs is other than temporary.

2. 02

   General Motors said it expects to record an other than temporary impairment of its equity interest in the China JVs in the range of $2.6 to 2.9 billion in the 3 months ending December 31, 2024.

3. 03

   General Motors said it expects to recognize additional equity losses of approximately $2.7 billion from implementing SGM's restructuring plan. The losses include impairment charges to be recognized by the China JVs related to plant closures and portfolio optimization, and the company said the majority of them are expected to be recorded in the 3 months ending December 31, 2024.

4. 04

   The company said it expects these charges to be non-cash and treated as special items for EBIT-adjusted purposes. It cited the finalization of a new business outlook and the restructuring actions SGM is finalizing as the basis for its impairment determination.

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