China, once GM’s largest and most important market, has become its biggest problem. General Motors told shareholders on Wednesday that it would record two non-cash charges totaling more than $5 billion on its joint venture in China, one related to the restructuring of the operation and another reflecting its reduced value.

General Motors said it expects to incur more than $5 billion in impairment charges and write-downs this quarter because of weakness in its China business. Shares in the automaker, which are up almost 50% for 2024,