GM’s CEO Mary Barra told Fortune in October that China’s EV price war “has become a race to the bottom with pricing and the level of subsidies.” Barra explained that low-cost loans enable some companies to sell cars at a loss, which puts pressure on foreign automakers like GM.

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.

The poor performance of General Motors' Chinese joint ventures is forcing the company to write down assets and take a restructuring charge.

The automaker plans to sell its stake to joint-venture partner LG Energy, the latest pullback in its electric-car investments.

It underscores that GM is focused on capital efficiency. “Our EV profitability is rapidly improving thanks in part to our str

General Motors Co. is selling its stake in an electric-vehicle battery plant in Lansing, Michigan, to South Korean partner LG Energy Solution, recouping about $1 billion in investment from a facility that will still supply energy cells to the automaker’s EVs.