San Diego, CA
GM expects more than $5 billion impact from China restructuring, including plant closures
- General Motors expects a restructuring of its joint venture operations with SAIC Motor Corp. in China to cost more than $5 billion in charges and writedowns.
- The restructuring charges for the “SGM” joint venture are anticipated to include “plant closures and portfolio optimization,” according to the filing.
- GM said most of the costs are expected to be recognized as non-cash, special item charges during the fourth quarter.
DETROIT – General Motors expects a restructuring of its joint venture operations with SAIC Motor Corp. in China to cost more than $5 billion in non-cash charges and writedowns, the Detroit automaker disclosed in a federal filing Wednesday morning.
GM said it expects to write down the value of its joint-venture operations in China by between $2.6 billion and $2.9 billion. It also anticipates another $2.7 billion in charges to restructure the business, including “plant closures and portfolio optimization,” according to the filing.
GM, which previously announced plans to restructure the operations in China, did not disclose any additional details about the expected closures.
“As we have consistently said, we are focused on capital efficiency and cost discipline and have been working with SGM to turn around the business in China in order to be sustainable and profitable in the market. We are close to finalizing our restructuring plan with our partner, and we expect our results in China in 2025 to show year-over-year improvement,” GM said in an emailed statement.
GM said it believes the joint venture “has the ability to restructure without new cash investments” from the American automaker.
A majority of the restructuring costs is expected to be recognized as non-cash, special item charges during the fourth quarter. That means they will impact the automaker’s net income, but not its adjusted earnings before interest and taxes – a key metric monitored by Wall Street.
GM’s operations in China have shifted from a profit engine to liability in the past decade as competition grows from government-backed domestic automakers fueled by nationalism, and as a generational shift in consumer perceptions of the automotive industry and electric vehicles takes hold.
Equity income from GM’s Chinese operations and joint ventures peaked at more than $2 billion in 2014 and 2015.
GM’s market share in China, including its joint ventures, has plummeted from roughly 15% as recently as 2015 to 8.6% last year — the first time it has dropped below 9% since 2003. GM’s equity income from the operations have also fallen, down 78.5% since peaking in 2014, according to regulatory filings.
GM’s U.S.-based brands such as Buick and Chevrolet have seen sales drop more than its joint venture sales with SAIC Motor, Wuling Motors and others. The joint venture models accounted for about 60% of its 2.1 million vehicles sold last year in China.
Prior to this year, the only quarterly losses for GM in China since 2009 were a $167 million shortfall during the first quarter of 2020 due to the coronavirus pandemic and an $87 million loss during the second quarter of 2022.
The Detroit automaker has reported three consecutive quarterly losses in equity income for its Chinese operations this year, totaling $347 million. That includes a loss of $137 million during the third quarter.
San Diego, CA
San Diego State moves back into NCAA Tournament field in latest ESPN Bracketology
The San Diego State Aztecs’ have moved off the bubble and back into the NCAA Tournament’s Field of 64 in the latest ESPN’s Bracketology projections.
The Aztecs must feel like a yo-yo, but now it’s in a good way. Bracket expert Joe Lunardi moved them from the bottom of the First Four Out — No. 72 — to holding the Mountain West’s automatic bid after an 89-72 home romp Wednesday night over Utah State, which had held the auto-bid in bracketology for a few weeks now.
Lunardi now has the Aztecs as the No. 11 seed in the West Region, with a projected first-round date against former MW rival BYU in Portland.
Lunardi wrote that SDSU’s auto-bid “shifts the entire bubble.”
Wednesday night’s victory not only pulled the Aztecs (19-8, 13-4) into a tie with Utah State (23-5, 13-4) atop the MW standings, but it was just their second Quad 1 victory in six such opportunities.
SDSU’s next two games are both Quad 1 chances, at New Mexico on Saturday and then at Boise State on Tuesday night.
The win lifted the Aztecs only one spot in the NCAA NET Rankings, to No. 43. Those rankings are used by the NCAA Tournament Selection Committee as the primary sorting tool for selection and seeding for March Madness.
SDSU’s resume for earning an at-large berth has been on shaky ground all season, and was seriously damaged last week when the Aztecs lost at home to Grand Canyon and were then routed at Colorado State, both Quad 2 games.
SDSU’s best bet to assure a trip to March Madness for the sixth straight season is to win the MW tournament in Las Vegas and claim the automatic bid. That requires winning three games in as many days, and perhaps a third showdown against the Aggies, who beat the Aztecs 71-66 in Logan on Jan. 31.
Lunardi now has Utah State projected as an at-large team, but still with the No. 7 seed in the East, facing No. 10 Texas A&M in a first-round game in St. Louis.
New Mexico (21-7, 12-5), lurking just a game behind SDSU and USU, has dropped from the Last Four In at No. 68 to the First Four Out at No. 70.
The Aztecs were the unanimous preseason pick to win the MW regular-season title in their final season in the league before moving into the Pac-12 along with Utah State, Boise State, Fresno State and Colorado State.
Saturday’s game at New Mexico is set to tip off at 11 a.m. PT and will air on CBS.
San Diego, CA
Oregon State Dismantles San Diego 83-49
The top teams in the West Coast Conference are jockeying for position in the standings as the regular season draws to a close, and the Oregon State women took care of business Thursday night, blowing out the San Diego Toreros 83-49 to move to 21-9 on the season, and 13-4 in conference play.
Oregon State’s Tiara Bolden Grabs WCC Honor After 44 Points Over Two Games
The Toreros have been a basement dweller in the conference for the last few seasons, so this result isn’t surprising, though it’s magnitude is a bit eye-raising. The Beavers wasted no time putting San Diego into a hole, opening the first quarter on an 8-0 run that Tiara Bolden and Kennedie Shuler getting involved early. Oregon State held a 14 point, 26-12 lead after one.
The second quarter wasn’t as lopsided, but San Diego wasn’t able to make much headway into the Beaver lead. Six points from Olivia Owens kept San Diego within shooting distance, but defensive pressure from Kennedie Shuler and strong rebounding from Lizzy Williamson kept the Toreros under control. Oregon State ended the first half up by 13, 40-27.
Oregon State Dominates Cougars in 79-51 Blowout
Oregon State tightened their grip in the third. While Olivia Owens and Kylie Ray managed to give the Toreros some hope early in the quarter, Oregon State went on a run late in the period to get their lead to 21 at the highest. San Diego finally snapped the Beaver hot streak, but a three from Kennedie Shuler ended the quarter in a 61-43, 18 point Beaver lead.
The bottom seemed to fall out of San Diego in the fourth, with the Toreros only putting six points on the board. Tiara Bolden and Kennedie Shuler kept the points flowing for the Beavers, while Lizzy Willilamson continued to dominate the boards. A layup with an and one from Elisa Mehyar were the last Beaver points of the game, giving Oregon State a 34 point, 83-49 win.
Oregon State Takes Down Portland 64-54 in Season Saving Game
It was a good night for several Beavers, with Kennedie Shuler once again leading the team in scoring. She finished the night with 22 points, four rebounds, three assists, two blocks and two steals. She can do just about everything on the court.
Tiara Bolden continued her hot streak with a 17 point night, along with four rebounds and four assists. Jenna Villa added 14 points, one rebound and one assist. Lizzy Williamson added another double double to her resume, with 10 points and 12 rebounds.
Oregon State’s Winning Streak Ends With 55-51 Loss to LMU
There’s one last item on the agenda for Oregon State, a season-closing meeting with the Loyola Marymount Lions Saturday at Gill Coliseum. The Lions handed Oregon State their first WCC loss of the season back in January, so getting some revenge before the conference tournament would be a good statement from the team. Tip off is set for 1 PM PT.
San Diego, CA
Live in San Diego? The city wants your feedback on the next fiscal budget in a survey
Mayor Todd Gloria sought the public’s feedback Thursday in shaping San Diego’s 2026-27 fiscal year budget, as the city launched a digital survey to help determine which programs and services are prioritized and which are reduced.
The survey is available at datasd.typeform.com/2027budget.
Officials will use responses in crafting the new budget, which takes effect on July 1. The City Charter deadline to release a draft budget is April 15, “allowing ample time for resident feedback to be considered during budget discussions,” officials said.
Gloria said that the city has already “closed hundreds of millions of dollars of a longstanding structural deficit, but we are not done. The next budget will require even tougher choices, and I want to be clear with residents: We will not be able to do everything we might like to do.
“I’m asking San Diegans to take a few minutes to tell us what matters most to them, and what they’re willing to forgo, as we build next year’s budget,” he added.
The five-minute survey is open to residents living within San Diego city limits. Those without home computer access can fill out the survey at any city library.
According to Gloria’s office, the city’s projected deficit is $120 million for the next budget, which the city is required by law to keep balanced.
In addition to asking what residents’ top priorities are, the survey asks if the city “should generate more revenue to protect services.”
Offered in English and Spanish, the survey is available until the start of May.
Officials said residents can also sound off on the budget process by attending City Council budget meetings either in person or via Zoom.
Council members will discuss the budget during their March 10 meeting, which starts at 6 p.m. at the City Administration Building downtown.
Public library locations can be found at sandiego.gov/public- library/locations.
-
World2 days agoExclusive: DeepSeek withholds latest AI model from US chipmakers including Nvidia, sources say
-
Massachusetts2 days agoMother and daughter injured in Taunton house explosion
-
Montana1 week ago2026 MHSA Montana Wrestling State Championship Brackets And Results – FloWrestling
-
Louisiana5 days agoWildfire near Gum Swamp Road in Livingston Parish now under control; more than 200 acres burned
-
Denver, CO2 days ago10 acres charred, 5 injured in Thornton grass fire, evacuation orders lifted
-
Technology7 days agoYouTube TV billing scam emails are hitting inboxes
-
Technology7 days agoStellantis is in a crisis of its own making
-
Politics7 days agoOpenAI didn’t contact police despite employees flagging mass shooter’s concerning chatbot interactions: REPORT