According to a report by Reuters, citing an anonymous source, General Motors Company (NYSE: GM) intends to close a plant in the northeastern Chinese city of Shenyang this month amid restructuring initiatives in the Asian country.
GM produces Buick GL8 minivans and the Chevrolet Tracker SUV for the local market at that facility.
The US auto maker reported $4 billion in restructuring charges in China during the fourth quarter. Those included plant closures.
For the same quarter, the company reported positive equity income in China before restructuring costs.
General Motors assembles Buick, Chevrolet and Cadillac vehicles in China in a partnership with SAIC Motors.
Stock Performance
The shares of General Motors Company (GM) closed 1.00% ($0.48) higher at $48.37 in New York on Friday.
The company’s total market cap now stands at $48.128 billion.
The shares of General Motors Company (GM) went up 48.30% in 2024, compared with a 23.30% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have lost 9.20% so far this year.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
