The automaker said it expects to lose about US$2.7 billion from restructuring its joint ventures with Chinese automaker SAIC, including plant closures. GM’s audit committee recommended that it trim the value of its stake by another US$2.6 to 2.9 billion as it awaits results of the restructuring. (The Logic)

Talking point: GM is the latest company to temper its expectations in the competitive Chinese market. “The whole goal for us is not to have to inject a lot more capital,” GM’s chief financial officer, Paul Jacobson, said of the Chinese joint ventures at a UBS conference on Wednesday. GM also said this week that it’s selling its stake in a Michigan battery plant to LG to “to recoup its investment” and approach the EV market in a “capital efficient” way. Volkswagen said last week it would sell its own factory in China, also a SAIC joint venture, because there was “no business case” for the plant.