GM takes $5bn loss on Chinese business

US automotive giant General Motors' Chinese business has taken a $5.0bn charge amid an ongoing slowdown in what was once its largest market.

GM said on Wednesday that it had experienced a "material loss in value" to its investments in certain China joint ventures.

As a result, the Detroit-based firm stated that it will now write down the value of its interest in its Chinese JVs by as much as $2.9bn. It will also record an additional $2.7bn in restructuring charges.

As of 1330 GMT, GM shares were down 0.99% at $53.13 each.

Reporting by Iain Gilbert at Sharecast.com