General Motors announced a $5 billion write-down of its China business, citing restructuring actions and a new business forecast for its joint venture with SAIC Motors. The automaker, which once thrived in China with sales peaking at 2 million vehicles in 2018, has struggled amid rising competition from local brands like BYD. GM’s sales in the region have plummeted, with SAIC-GM’s 2023 sales falling 59% to 370,989 units in the first 11 months, while BYD sold over 10 times that number. CEO Mary Barra has pledged operational improvements by year-end, including reduced dealer inventory and modest sales growth.