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Yahoo
17-02-2025
- Automotive
- Yahoo
General Motors to close Shenyang facility in China
General Motors (GM) is set to close its plant in the northeastern of Shenyang, China as part of wider restructuring efforts in the Asian country, reported Reuters citing a company source. The Shenyang facility, which manufactures Buick GL8 minivans and the Chevrolet Tracker SUV, is expected to cease operations this month. The decision comes as GM faces intense competition from domestic manufacturers in China, who have gained market dominance with the support of government subsidies. At an automotive conference in New York, US, GM CEO Mary Barra was cited by the news agency as saying that GM will focus on 'Cadillac, Buick, and its premium import business' in China. GM has partnership with SAIC Motors to manufacture Buick, Chevrolet, and Cadillac vehicles in China. In the Q4 2024, GM reported restructuring charges in China, amounting to $4bn, which included costs associated with plant closures. The company posted a loss of $2.96bn in Q4 2024, a stark contrast to the $2.1bn profit reported in the same period the previous year. The automotive giant has been hit by over $5bn in special charges, primarily due to non-cash restructuring charges and impairment of interests in certain Chinese joint ventures. Additionally, charges related to the discontinuation of funding for the Cruise robotaxi business have also impacted GM's net income. Recently , GM completed the acquisition of Cruise, an autonomous vehicle company, to pivot towards developing autonomous technology for personal vehicles instead of robotaxis. The US automaker plans to integrate Cruise's technology into its Super Cruise system, which enables hands-free driving across 750,000 miles of roads in North America and is available in over 20 GM vehicle models. "General Motors to close Shenyang facility in China – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
16-02-2025
- Automotive
- Yahoo
GM closing plant in China as part of restructuring
By Kalea Hall DETROIT (Reuters) - General Motors is closing a plant this month in the northeastern Chinese city of Shenyang as part of the U.S. automaker's restructuring in China, according to a company source. The plant makes Buick GL8 minivans and the Chevrolet Tracker SUV for the China market. The source who confirmed the plant closure spoke on condition of anonymity. GM is restructuring its business in China, where domestic manufacturers backed by government subsidies have taken over the market. In the fourth quarter, the Detroit automaker reported $4 billion in restructuring charges in China, which included plant closures. GM reported positive equity income in China in the fourth quarter before restructuring costs. At an automotive conference in New York last week, GM CEO Mary Barra said the automaker's future in China, the world's largest auto market, would focus on Cadillac, Buick and its premium import business. "Those are vehicles that are very desirable for certain Chinese consumers, that we can bring in and have a very successful business," Barra said. GM partners with SAIC Motors to build Buick, Chevrolet and Cadillac vehicles in China. (Kalea Hall reporting in Detroit; Editing by Will Dunham) Sign in to access your portfolio
Reuters
14-02-2025
- Automotive
- Reuters
GM closing plant in China as part of restructuring
DETROIT, Feb 14 (Reuters) - General Motors (GM.N), opens new tab is closing a plant this month in the northeastern Chinese city of Shenyang as part of the U.S. automaker's restructuring in China, according to a company source. The plant makes Buick GL8 minivans and the Chevrolet Tracker SUV for the China market. The source who confirmed the plant closure spoke on condition of anonymity. GM is restructuring its business in China, where domestic manufacturers backed by government subsidies have taken over the market. In the fourth quarter, the Detroit automaker reported $4 billion in restructuring charges in China, which included plant closures. GM reported positive equity income in China in the fourth quarter before restructuring costs. At an automotive conference in New York last week, GM CEO Mary Barra said the automaker's future in China, the world's largest auto market, would focus on Cadillac, Buick and its premium import business. "Those are vehicles that are very desirable for certain Chinese consumers, that we can bring in and have a very successful business," Barra said. GM partners with SAIC Motors to build Buick, Chevrolet and Cadillac vehicles in China.
