GM Takes $5B Hit in China, $2M Treasure Hunt

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

Shoot us a Text.

This Thursday morning, we’re covering GM having over $5B in non-cash charges with its China operations and how a crypto millionaire is launching a unique $2M treasure hunt.

Show Notes with links:

• General Motors announced over $5 billion in non-cash charges tied to its struggling operations in China, reflecting the immense challenges foreign automakers face in the world’s largest auto market.
  • GM faces charges of $2.6-$2.9 billion for restructuring and $2.7 billion for reduced value in its joint-venture with SAIC.
  • The company’s Chinese operations saw a 59% sales drop through November, selling 371,000 units compared to BYD’s 3.7 million.
  • GM isn’t alone in facing challenges in China—Volkswagen has seen declining sales, Nissan is cutting 9,000 jobs, and Ford is shifting focus to vehicle exports as competition from local automakers intensifies.
  • CEO Mary Barra has described China as "untenable for many corporations."
  • Some experts are concerned that the Chinese market may not be viable for Western automakers, with Bernstein analysts saying: “Headwinds in China remain too great to create meaningful profitability.”

• Entrepreneur Jon Collins-Black has launched a nationwide treasure hunt, hiding five chests worth $2 million across the U.S. Clues are embedded in his new book, There’s Treasure Inside.
  • Collins-Black is a Bitcoin millionaire with a passion for unique collections.
  • The treasure includes items like Bitcoin, shipwreck bounty, rare Pokémon cards, and historical artifacts from figures like George Washington and Amelia Earhart.
  • Each chest is custom-made by a blacksmith, with one larger chest holding the "lion’s share" of riches.
  • Over five years of planning went into this project, including expert consultation and detailed documentation of the treasures.
    

Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/

JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

Read our most recent email at: https://www.asotu.com/media/push-back-email